Global crypto investment products shed $352 million in weekly outflows despite improved Fed rate cut prospects: CoinShares

Global crypto investment products managed by asset managers such as BlackRock, Bitwise, Fidelity, Grayscale, ProShares, and 21Shares generated net outflows of $352 million last week, reversing the trend once again after the prior week's $2.5 billion inflows, according to CoinShares' data.

Weaker payroll figures and improving prospects for a September interest rate cut in the U.S. failed to bolster sentiment, CoinShares Head of Research James Butterfill said in a Monday report.

Trading volume also fell 27% week-over-week, suggesting the appetite for digital assets has cooled, Butterfill added. Nevertheless, with year-to-date inflows of $35.2 billion, 4.2% ahead of last year's total on an annualized basis, broader sentiment remains intact, he said.

Weekly crypto asset flows. Images: CoinShares.

Ethereum investment products lead outflows

Regionally, sentiment was polarized, Butterfill noted, with U.S.-based digital asset investment products witnessing $440 million in net outflows, while crypto funds in Germany and Hong Kong saw inflows of around $85 million and $8 million, respectively.

Despite softer sentiment and modest outflows later in the week, Bitcoin funds still recorded $524 million in net inflows.

In contrast, Ethereum products drove last week's net outflows, with $912 million exiting across a broad set of ETP issuers. Still, year-to-date inflows remain strong at $11.2 billion, Butterfill said.

The U.S. spot Ethereum ETFs accounted for $787.6 million of last week's net outflow figure, according to data compiled by The Block, while the U.S. spot Bitcoin ETFs brought in $250.3 million.

Meanwhile, Solana and XRP-based investment products continued to witness modest but steady inflows of $16.1 million and $14.7 million, respectively. Solana investment products have now logged 21 consecutive weeks of inflows totaling $1.16 billion, while XRP funds have attracted $1.22 billion over the same period, Butterfill noted.

Earlier on Monday, CoinShares announced it is set to go public in the U.S. via a $1.2 billion merger with special purpose acquisition company Vine Hill that will see it listed on the Nasdaq.

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