Fun

Crypto inflows hit $2B in June, Ethereum sees best week since March with $69M

News Feed - 2024-06-10 07:06:09

Ezra Reguerra13 hours agoCrypto inflows hit $2B in June, Ethereum sees best week since March with $69MCoinShares believes the turnaround is due to “weaker than expected macro data in the U.S.”3622 Total views27 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksDigital asset investment products started positively in June, with almost all providers seeing inflows and recording an overall inflow of $2 billion.


On June 10, CoinShares published its weekly fund flows report, highlighting that crypto investment products gathered over $2 billion in inflows. According to CoinShares, June’s initial inflows brought digital asset products’ five-week total to $4.3 billion.


In addition, the asset manager reported that trading volumes for exchange-traded products (ETPs) catapulted to $12.8 billion for the first week of June, a 55% increase compared to the previous week.Almost all ETP providers saw inflows


Apart from the overall inflows, CoinShares also highlighted that almost all providers of crypto ETPs saw inflows in the first week of June. The asset manager described the pattern as unusual and shared that it may be a response to weaker macro data. CoinShares wrote:“We believe this turnaround in sentiment is a direct response to weaker than expected macro data in the U.S., bringing forward monetary policy rate cut expectations.”


The asset manager added that positive price action pushed the total assets under management (AUM) to rise above $100 billion for the first time since March 2024.Flows by provider in millions. Source: CoinShares


Among the digital asset investment product providers, only Grayscale Investments and CoinShares XBT recorded outflows for the week.


Of those that recorded inflows, the iShares exchange-traded fund (ETF) in the United States recorded the most inflows, with $948 million, while Fidelity ETFs followed in second place, recording $680 million.


Related:Bitcoin exchange-traded products now hold over 1 million BTCEthereum products see “best week” of inflows


While Bitcoin (BTC) continued to dominate the ETF space with $1.97 billion for the week, Ether (ETH)-based products also broke records. CoinShares reported that Ether investment products saw a total inflow of $69 million for the week, their best record since March.


The asset manager believes this is likely a response to the recent approval of spot Ether ETFs. On May 23, the Securities and Exchange Commission officially approved several spot ETH ETFs in the United States.Flows by asset in millions. Source: CoinShares


Meanwhile, altcoin-based ETPs saw minor activities, with Fantom (FTM) and XRP (XRP) showing inflows of $1.4 million and $1.2 million, respectively.


Magazine:Roaring Kitty’s GME shares hit $1B, BTC open interest soars, and other news: Hodler’s Digest, June 2–8# Bitcoin# Ethereum# United States# Ethereum ETF# Bitcoin ETF# ETFAdd reaction

News Feed

Why Web3 gaming needs a Steam-like platform for growth
Ezra Reguerra29 minutes agoWhy Web3 gaming needs a Steam-like platform for growthOKX chief innovation officer Jason Lau believes that Web3 games need to cultivate communities by educating players on the benefits of Web3
Turner Wright2 hours agoPro-crypto lawmaker Tom Emmer ends hours-long speaker campaign: ReportThe Minnesota congressman was one of only a few crypto proponents in Congress being considered as a possible speaker of the Ho
FlatQube DEX Unveils QUBE Utility Token and Sets DAO Governance in Motion
FlatQube DEX Unveils QUBE Utility Token and Sets DAO Governance in Motion sponsored Over the past six months, the Everscale network has gone through a complete metamorphosis. Origin
Web3 Security Firm Certik Raises $88 Million in Series B3 Financing Round Led by Tiger Global and Others
Web3 Security Firm Certik Raises $88 Million in Series B3 Financing Round Led by Tiger Global and Others Certik, a Web3 and blockchain auditing and security firm, has raised $88 mi
The Sandbox Partners With a Myriad of Hong Kong Luminaries, Plans to Launch Metaverse ‘Mega City’
The Sandbox Partners With a Myriad of Hong Kong Luminaries, Plans to Launch Metaverse "Mega City" The Animoca Brands subsidiary and blockchain-based virtual world, The Sandbox, has
Fine Art to Be Recreated Thanks to Inheritance Art
Fine Art to Be Recreated Thanks to Inheritance Art press release PRESS RELEASE. NFTs have exploded in terms of popularity and usage in 2021, and for good reason. Artists and content
Buenos Aires Confirms It Plans to Allow Citizens to Pay Taxes With Cryptocurrency
Buenos Aires Confirms It Plans to Allow Citizens to Pay Taxes With Cryptocurrency Horacio Larreta, the head of the government of Buenos Aires, the capital of Argentina, confirmed t
Tesla’s Q4 Balance Sheet Shows Bitcoin Holdings Worth $184 Million
Tesla"s Q4 Balance Sheet Shows Bitcoin Holdings Worth $184 Million Tesla’s latest balance sheet shows the company’s bitcoin holdings worth $184 million. Tesla did not
Crypto Lender Celsius to Be Acquired by Novawulf, Exiting Chapter 11 
Crypto Lender Celsius to Be Acquired by Novawulf, Exiting Chapter 11  Crypto lender Celsius’ committee of unsecured creditors has chosen the digital asset investment firm N
Abhishek Singh10 hours agoConvergence of AI and blockchain: Unlocking new possibilitiesOverall, the combination of AI and blockchain represents a massive paradigm shift in modern technology and presents significant oppor
Nigerian central bank hires Gluwa to advance eNaira through credit profiles
Derek Andersen3 hours agoNigerian central bank hires Gluwa to advance eNaira through credit profilesThe pioneering African CBDC has few users, but creating credit histories for them will promote financial inclusion.3400
Vitalik on Suspect Centralization, FTX’s ‘Absolute Fraud,’ Coinbase Confirms Bitcoin Holdings — Week in Review
Vitalik on Suspect Centralization, FTX"s "Absolute Fraud," Coinbase Confirms Bitcoin Holdings — Week in Review As the smoke starts to clear around the massive crater left by the