Bitcoin dominance drives $1.2B inflows in crypto investment products Bitcoin dominance drives $1.2B inflows in crypto investment products
Ethereum ended its five-week outflow streak with $87 million inflow.
2 min read
Updated: Sep. 30, 2024 at 12:44 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Inflows into crypto-related investment products continued for the third consecutive week, with $1.2 billion flowing into the sector, according to CoinShares’ latest weekly report.
James Butterfill, CoinShares’ head of research, attributed the strong inflows to expectations of a dovish US monetary policy and positive market momentum. These factors pushed total assets under management up 6.2% to $92.7 billion.
The US Securities and Exchange Commission approved options trading for BlackRock’s spot Bitcoin ETF, which also lifted market sentiment. Despite these inflows, weekly trading volume in the sector dipped by 3.1%.
Bitcoin’s dominance continues
The CoinShares report showed that Bitcoin continued to dominate the flows, with investors pouring in $1 billion to BTC-related investment products.
This can be linked to its strong price performance and also the improved inflows to spot Bitcoin ETF products last week. Notably, the funds run by Bitwise, BlackRock, Fidelity, and Ark 21 Shares all saw positive performance during the reporting period.
However, Grayscale’s crypto funds continued their net outflow trend, dropping its total assets to $21.2 billion.
Meanwhile, BTC’s recent uptrend to around $65,000 fueled an $8.8 million inflow into short-Bitcoin products, as some investors expect the current rally to fade.
Regionally, sentiment was divided. The US led with $1.2 billion in inflows, while Switzerland trailed with $84 million. In contrast, Germany and Brazil experienced outflows of $21 million and $3 million, respectively.
Ethereum breaks a negative streak.
Ethereum-related products ended a five-week outflow streak, bringing in $87 million—the first significant inflow since early August.
Data from SosoValue showed that spot Ethereum ETFs saw the second-highest weekly flows since their launch in July.
On the other hand, large-cap alternative digital assets had mixed results. Litecoin and XRP recorded inflows of $2 million and $0.8 million, respectively. Meanwhile, Solana and Binance faced outflows of $4.8 million and $1.2 million.
Mentioned in this article
Bitcoin 
Ethereum 
Solana 
Litecoin 
XRP 
CoinShares 
BlackRock 
Fidelity Investments 
Ark Invest 
21shares 
Grayscale Bitcoin Trust 
Grayscale Ethereum Trust Author 
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,103.12
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Solana
$219.010
Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
Litecoin
$84.6296
Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world.
XRP
$0.88651
The XRP Ledger is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
BlackRock
BlackRock, synonymous with global asset management, is an American multinational investment management corporation based in New York City.
Fidelity Investments
Fidelity Investments Inc., commonly referred to as Fidelity, is a multinational financial services corporation based in Boston, Massachusetts.
Ark Invest
ARK Investment Management LLC (ARK Invest) holds a precision lens on thematic investing.
21shares
21Shares is a Swiss provider of crypto- currency exchange-traded products (ETPs).
The Grayscale Bitcoin Trust (GBTC) is a digital currency investment product that provides investors with access to Bitcoin through traditional investment channels.
The Grayscale Ethereum Trust (ETHE) by Grayscale is an investment vehicle designed to offer investors exposure to Ethereum, one of the leading cryptocurrencies by market capitalization.
