Last week, cryptocurrency investment products showed an increase, following 15 consecutive weeks of inflows totaling $278 billion. Global crypto exchange-traded products (ETPs) saw inflows of $57.2 billion in the trading week ending last Friday, as reported by European crypto asset manager CoinShares on Monday.
This new inflow occurred as Bitcoin (BTC) and Ethereum (ETH) prices rebounded, with ETH reaching the psychological level of $4,000 for the first time last week.
Year-to-date inflows have risen to a record $307 billion, while total assets under management have reached $226 billion for the first time.
Market reaction to 401(k) approval
According to CoinShares research head James Butterfill, the recovery of crypto ETP flows last week may have been due to the U.S. government's announcement allowing the use of digital assets in 401(k) retirement plans. However, due to weak U.S. employment data, there was $1 billion in outflows at the beginning of the week.
'In the latter half of the week, we saw inflows of $1.57 billion, possibly driven by government announcements,' he said.
Ethereum ETP leads the market
After experiencing significant growth in July, Ethereum ETP continued to lead the market last week, attracting nearly $27 billion in inflows. Butterfill stated, 'This brings year-to-date inflows to a new record of $8.2 billion, while recent price increases have pushed total assets under management to a historic high of $32.6 billion.'
Bitcoin ETP saw a significant recovery after two weeks of outflows, with a total inflow of $26.5 billion last week, according to CoinShares.
Altcoin ETPs tracking Solana (SOL), XRP (XRP), and Near (NEAR) saw inflows of $21.6 million, $18.4 million, and $10.1 million, respectively.
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