Institutional Crypto Investors Poured Millions of Capital into Digital Asset Investment Products Last Week, Says CoinShares
- WBOYOriginal
- 2024-08-27 12:35:25587browse
In its latest Digital Asset Fund Flows report, CoinShares says that the surge was likely caused by the remarks of Fed Chair Jerome Powell last week
Digital assets manager CoinShares reports that institutional crypto investors have directed millions in capital into digital asset investment products over the last week.
In its latest Digital Asset Fund Flows report, CoinShares attributes the surge to remarks made by Fed Chair Jerome Powell, who hinted at the possibility of lower interest rates.
“Last week, digital asset investment products saw inflows totaling US$463m, continuing the trend of net inflows for the past five weeks. This surge was largely driven by remarks made by Jerome Powell at the Jackson Hole Symposium, where he suggested that the first interest rate cut could occur in September. Despite being lower than in recent weeks, trading volumes remained high, clocking in at US$7.2bn for the week.”
Bitcoin (BTC) saw the majority of the inflows, highlighting its sensitivity to interest rate movements.
“Bitcoin saw the majority of the inflows at US$423m. Notably, the bulk of these inflows occurred on Friday, following the dovish comments from Jerome Powell, highlighting Bitcoin's sensitivity to interest rate expectations.”
Institutionally, the US led the way with $393 million in inflows. Minor outflows were observed in Sweden and Canada.
“Institutions saw the majority of the inflows with US$393m, while minor outflows were seen in Sweden and Canada totaling US$11m and US$8m, respectively.”
CoinShares also notes that while Ethereum (ETH) products experienced outflows of $36 million, new issuers saw inflows.
“…although new issuers continue to see inflows with the Grayscale Ethereum trust offsetting this with US$98m outflows. A month in from the ETH ETF launches, the new Ethereum ETFs have seen US$2.7bn of inflows, partially offset by outflows from the Grayscale Trust of US$2.1bn.”
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