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Crypto ETFs Recorded $1.4 Billion Net Inflows Last Week; CoinShares Points to German Bitcoin Sales and Low CPI in the U.S.

15 July 2024
in Crypto ETFs, News
Reading Time: 3 mins read
103 6
Home News Crypto ETFs

Asset manager and investment firm CoinShares has attributed the recent surge in investment crypto products globally to two key factors: the German government’s ongoing Bitcoin sales and lower-than-expected Consumer Price Index (CPI) data in the United States.

According to CoinShares’s latest weekly report, released today, July 15, 2024, the global crypto investment products market reported a record-breaking $1.44 billion net inflows last week. This figure reportedly brings the year-to-date net inflows to $17.8 billion, surpassing 2021’s total of $10.6 billion.

The asset manager claimed that the German government’s recent Bitcoin liquidation has created unique market dynamics. In June 2024, the government began gradually selling off over 50,000 BTC it seized from the illicit movie piracy site Movie2K, which has significantly influenced market sentiment and the token’s price. Notably, recent analytics data revealed that despite the sales, the German government-linked wallet still holds $2.19 billion worth of Bitcoin.

The report also claimed that, on the other hand, the lower-than-anticipated CPI points in the U.S. have bolstered investor confidence in cryptocurrencies, who now potentially view them as a hedge against inflation or an attractive alternative in a low-interest-rate environment.

According to the report, bitcoin-based exchange-traded funds (ETFs) dominated the positive flows, accounting for $1.35 billion in net inflows – the fifth largest weekly inflow on record for Bitcoin products. Also, short-Bitcoin products experienced their most substantial weekly net outflows since April, totalling $8.6 million.

RELATED: 

  • US Spot Bitcoin ETFs Experience Largest Single-Day Inflow Since June 2024
  • US Spot Bitcoin ETFs Records $20.5 Million in Net Outflows as Daily Trading Volume Declines

Other cryptocurrencies also benefited from this positive trend, with Solana, Avalanche, and Chainlink attracting inflows of $4.4 million, $2 million, and $1.3 million, respectively.

Despite the substantial inflows, trading volumes across crypto exchange-traded products (ETPs) remained relatively subdued at $8.9 billion, significantly below the $21 billion weekly average since their inception. According to the report, this discrepancy hints at a seasonal pattern of reduced trading activity during the summer months.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Precious James is a seasoned forex and crypto trader who loves sharing insights through engaging and accessible content. When not analyzing markets, Precious enjoys quality time with their beloved dogs. This blend of expertise and personal passion adds a unique, relatable touch to Defi Planet's content.

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