TLDR
- Crypto funds experienced two consecutive weeks of inflows, totaling $716 million last week after a $5.5 billion sell-off.
- Bitcoin ETPs led the inflows with $352 million, significantly boosting Bitcoin’s market dominance.
- XRP funds attracted $244 million in inflows, securing the second-highest position among crypto assets.
- Chainlink saw a record $52.8 million in inflows, representing 54% of its assets under management.
- ProShares was the leading issuer, drawing in $210 million, while BlackRock experienced $105 million in outflows.
Crypto funds showed positive momentum last week, marking two consecutive weeks of inflows following a substantial $5.5 billion sell-off. According to CoinShares, crypto exchange-traded products (ETPs) attracted $716 million in new inflows. This follows the previous week’s $1 billion gain, reflecting a recovery from the recent outflows.
Bitcoin Leads Crypto Fund Inflows
Bitcoin ETPs led the crypto funds with $352 million in inflows last week. These inflows helped boost Bitcoin’s dominance in the crypto market. Ethereum funds saw smaller inflows, with $39 million added during the same period.
James Butterfill, CoinShares’ head of research, pointed to macroeconomic data as a factor behind minor outflows on Thursday and Friday. “We believe this was a response to ongoing inflationary pressures in the US,” he said. Despite these minor fluctuations, crypto funds maintained their upward trajectory, continuing to recover from recent lows.
XRP and Chainlink Drive Crypto Fund Performance
XRP funds attracted $244 million in inflows last week, securing the second-highest inflow among crypto assets. Chainlink ETPs performed exceptionally well, with a record $52.8 million in inflows, which represents 54% of its assets under management (AUM). This surge helped push the total AUM of crypto funds above $180 billion.
The new capital raised in the past two weeks marked an 8% recovery from November lows, although the figure remained below the all-time high of $264 billion. Ether funds, on the other hand, saw more modest growth with $39 million in inflows.
Issuer and Regional Crypto Fund Movements
ProShares emerged as the leading issuer for crypto funds, attracting $210 million last week. In contrast, BlackRock, the largest issuer by AUM, saw $105 million in outflows. Meanwhile, ARK Invest and Grayscale recorded outflows of $78 million and $7 million, respectively.
Geographically, the US saw the highest inflows at $483 million, followed by Germany and Canada with $97 million and $80.7 million, respectively. Sweden, however, faced outflows of $5.6 million, bringing its total year-to-date outflows to $836 million.
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