Crypto ETPs see first inflows since October, led by Bitcoin, Ether and a record-breaking week for XRP, according to CoinShares.
Crypto ETPs rebound with $1.07 billion inflows after four weeks of losses, while XRP hits record weekly gains amid US ETF launches.Cryptocurrency investment products snapped a four-week losing streak, drawing about $1 billion in fresh money after four consecutive weeks of losses totaling $5.
5 billion.“The turnaround in sentiment follows FOMC member John Williams comments stating monetary policy remains restrictive, raising hopes for an interest rate cut this month,” Butterfill noted.) were the top performers in ETP inflows last week, with Bitcoin leading the gains at $464 million. Ether and XRP were followed with $309 million and $289 million, respectively. Despite the weekly gains, both Bitcoin and Ether remain in negative territory for the month, with outflows of $2.8 billion and $1.4 billion, respectively.XRP funds have moved in the opposite direction. They have recorded nearly $790 million in month-to-date inflows, including the largest weekly inflows on record for the asset, according to CoinShares. Regionally, the United States drove inflows with aömost $1 billion, even amid subdued trading during the Thanksgiving week, Butterfill said.Among issuers, Fidelity recorded the largest inflows at $230 million, followed by Volatility Shares Trust with $160 million and BlackRock’s iShares at $120 million.The rebound in crypto ETPs coincided with short-term gains across broader crypto markets last week, with Bitcoin briefly reaching above $90,000.DATs bring crypto’s insider trading problem to TradFi: Shane Molidor
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