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Home»ETHEREUM NEWS»Cryptocurrency investment inflows surge to $932 million after favorable CPI report
ETHEREUM NEWS

Cryptocurrency investment inflows surge to $932 million after favorable CPI report

By Crypto FlexsMay 20, 20242 Mins Read
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Cryptocurrency investment inflows surge to 2 million after favorable CPI report
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According to CoinShares’ weekly report, inflows into digital asset investment products hit $932 million, up 616% from last week’s week.

This is the second consecutive week of inflows this month and a return to the impressive numbers recorded earlier this year.

James Butterfill, head of research at CoinShares, explained that the significant inflows were “an immediate reaction to the lower-than-expected Consumer Price Index (CPI) report.” He added:

“The last three trading days of the week accounted for 89% of total flows, highlighting our view that Bitcoin price has re-engaged with interest rate expectations.”

However, despite significant flows, trading volumes remained subdued. Butterfill wrote:

“Despite the increase in inflows, volume this week was only $10.5 billion compared to $40 billion in March.”

Grayscale appears to be a rare influx from the US, where it dominates.

U.S. spot Bitcoin exchange-traded funds (ETFs) continue to post impressive numbers, with inflows in the U.S. rising to more than $1 billion last week, according to a CoinShares report.

Interestingly, Grayscale’s Bitcoin ETF GBTC recorded rare inflows of $18 million during the reporting period.

Since the U.S. Securities and Exchange Commission (SEC) approved trading in the ETF in January, GBTC has seen significant outflows from “high-priced” products, totaling more than $16 billion, as investors have fled to cheaper competing options such as BlackRock’s IBIT and Fidelity’s FBTC. was recorded.

Meanwhile, newly launched ETFs in Hong Kong are not attracting as much investor attention as expected. About $83 million has been withdrawn from cryptocurrency-related investments in the city-state, according to CoinShares data.

Investors Abandon Ethereum

Last week, Ethereum-based digital asset products recorded outflows for the second week in a row, totaling $23 million. This brings the cumulative outflow of ETH this month to $47 million.

Butterfill explained that these outflows were caused by bearish sentiment surrounding the possible approval of a spot Ethereum ETF product in the United States. The SEC is expected to decide on VanEck and ARK Invest’s pending Ethereum ETF application by May 23 and 24.

However, industry experts generally agree that financial regulators’ implicit stance on digital assets makes it unlikely they will approve such products.

Meanwhile, investors continued to show interest in other altcoin investment options. Solana, Chainlink, and Cardano recorded total inflows of $4.9 million, $3.7 million, and $1.9 million, respectively.

Cryptocurrency investment inflows soared to $932 million after a favorable CPI report first surfaced for CryptoSlate.

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