Institutions Pour $932,000,000 Into Crypto Products Amid Prospect of Interest Rate Cuts: CoinShares
Digital assets manager CoinShares says institutions poured nearly a billion dollars into crypto products last week in response to Consumer Price Index (CPI) data.
In its latest Digital Asset Fund Flows report, CoinShares says digital asset investment products raked in $932 million in net inflows last week despite trading volumes being down approximately 75% from March.
“Interestingly, the inflows were an immediate response to the lower-than-expected CPI report on Wednesday, with the latter three trading days of the week making up 89% of the total flows, highlighting our view that Bitcoin prices have recoupled to interest rate expectations.”
In terms of regional inflows, the US provided the lion’s share at $1 billion.
“Switzerland and Germany also saw minor inflows of $27 million and $4.2 million respectively, while Hong Kong and Canada saw outflows totaling $83 million and $17 million respectively.”
While short Bitcoin (BTC) investment products saw little engagement, BTC enjoyed $942 million in inflows, suggesting bullish sentiment amongst investors, according to CoinShares
In terms of altcoins, Solana (SOL), Chainlink (LINK) and Cardano (ADA) brought in $4.9 million, $3.7 million and $1.9 million in inflows, respectively, while Ethereum (ETH) suffered $23.3 million in outflows, bringing ETH’s total year-to-date outflows to $57 million.
“Ethereum continues to suffer from bearishness over the prospects for an SEC approval of a spot-based ETF this week…”
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The post Institutions Pour $932,000,000 Into Crypto Products Amid Prospect of Interest Rate Cuts: CoinShares appeared first on The Daily Hodl.
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Author: Daniell Marlow
