Cryptocurrency investment products continued to show positive momentum last week, marking two weeks of gains after a period of large outflows.

According to a report by European cryptocurrency asset manager CoinShares, crypto exchange-traded products (ETPs) gathered $716 million in inflows, building on the previous week’s $1 billion increase.

“Daily data highlighted minor outflows on Thursday and Friday in response to macroeconomic data from the U.S. indicating ongoing inflationary pressures,” stated James Butterfill, CoinShares’ head of research.
“Los datos diarios destacaron pequeñas salidas el jueves y viernes en respuesta a datos macroeconómicos de EE. UU. que indicaban presiones inflacionarias en curso.”

The fresh inflows increased total assets under management (AUM) to over $180 billion, which is an 8% recovery since November’s low of $5.5 billion in outflows over four weeks. However, it’s worth noting that the total AUM remains significantly under its peak of $264 billion, according to Butterfill.

Bitcoin Leads the Pack, Chainlink Achieves Record Inflows

Bitcoin (BTC) drove the ETP gains last week, with $352 million in inflows, followed closely by XRP with $244 million. Chainlink (LINK) particularly excelled with record inflows of $52.8 million, representing 54% of its AUM.

Weekly crypto ETP flows by asset
Weekly crypto ETP flows by asset as of Friday (in millions of US dollars). Source: CoinShares

Another cryptocurrency, Ether (ETH), recorded minor inflows of $39 million, while short Bitcoin ETPs faced outflows amounting to $19 million, indicating a possible easing of negative sentiment.

ProShares Takes the Lead in Inflows while BlackRock Faces Outflows

Among issuers, ProShares led with $210 million in inflows, while BlackRock, the largest issuer by AUM, experienced outflows of $105 million. Other firms like Cathie Wood’s ARK and Grayscale Investments also reported outflows of $78 million and $7 million respectively.

Weekly crypto ETP flows by issuer
Weekly crypto ETP flows by issuer as of Friday (in millions of US dollars). Source: CoinShares

Geographically, nearly all global regions witnessed inflows, with the U.S., Germany, and Canada leading at $483 million, $97 million, and $80.7 million in inflows respectively. Sweden, in contrast, saw $5.6 million in outflows last week, contributing to a total of $836 million in year-to-date outflows, making it the highest globally.

For further details, refer to related articles on market trends and fund strategies.