Crypto Investment Products See $2 Billion Inflows in the First Week of June
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Recent data from CoinShares indicates that global crypto investment products managed by firms like Ark Invest, Bitwise, and others, saw significant net inflows totaling $2 billion in the first week of June.
This marks the fifth consecutive week of positive inflows, matching the total for the entire month of May.
James Butterfill, Head of Research at CoinShares, noted the unusual trend of inflows across various providers amidst a slowdown in outflows from established players.
The U.S. market led the influx with $1.98 billion, attributed partly to a record streak in spot Bitcoin ETFs. Notably, BlackRock’s IBIT Bitcoin ETF alone garnered nearly $1 billion last week, surpassing 300,000 BTC in AUM.
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Ethereum-based products also saw a surge in inflows, likely due to the SEC’s decision to allow spot Ethereum ETFs in the U.S.
Despite these inflows, Bitcoin’s price remained relatively stable, prompting analysts to speculate on other market dynamics driving price action.