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    Crypto ETPs See Boost from Bitcoin and XRP Inflows, According to CoinShares

    Ethan CarterBy No Comments2 Mins Read
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    Cryptocurrency investment products maintained their upward trajectory last week, achieving two weeks of gains following significant outflows.

    Crypto exchange-traded products (ETPs) attracted $716 million in inflows, building on the previous week’s gains of $1 billion, according to European crypto asset manager CoinShares reported on Monday.

    “Daily data showed minor outflows on Thursday and Friday, which we attribute to macroeconomic data in the US indicating ongoing inflationary pressures,” said CoinShares’ head of research, James Butterfill, in the update.

    The new inflows pushed total assets under management (AUM) above $180 billion, reflecting an 8% recovery from November lows after $5.5 billion in outflows over four weeks. Nonetheless, AUM remained significantly below its peak of $264 billion, Butterfill remarked.

    Bitcoin leads inflows, Chainlink sees unprecedented inflow

    Bitcoin (BTC) was at the forefront of crypto ETP gains last week, drawing in $352 million, followed by XRP (XRP) funds with $244 million.

    Chainlink (LINK) notably achieved a record inflow of $52.8 million, which constituted 54% of its AUM.

    019afd75 e555 74e7 a41d b73ed55751a5
    Weekly crypto ETP flows by asset as of Friday (in millions of US dollars). Source: CoinShares

    Ether (ETH) funds saw minor inflows of $39 million, while short Bitcoin ETPs registered approximately $19 million in outflows, possibly signaling a reduction in negative sentiment.

    ProShares leads inflows, while BlackRock’s iShares experiences outflows

    Among issuers, ProShares topped inflows with $210 million, whereas BlackRock — the largest issuer by AUM — faced $105 million in outflows.

    Cathie Wood’s ARK and Grayscale Investments also encountered outflows, reporting $78 million and $7 million, respectively, last week.

    Stocks, Inflation, CoinShares, Ethereum ETF, Bitcoin ETF, ETF
    Weekly crypto ETP flows by issuer as of Friday (in millions of US dollars). Source: CoinShares

    Geographically, nearly all regions worldwide witnessed inflows, with the most notable being the US, Germany, and Canada, with inflows of $483 million, $97 million, and $80.7 million, respectively.

    Related: Sweden eyes entering the Bitcoin ‘digital arms race’

    Sweden recorded $5.6 million in outflows last week, bringing its year-to-date outflows to $836 million, leading global outflows.