June began positively for digital asset investment products, with nearly all providers experiencing inflows and an overall total of $2 billion, according to CoinShares’ weekly fund flows report.
Published on June 10, the report highlighted that these early June inflows brought the five-week total for digital asset financial products to $4.3 billion. CoinShares noted an unusual trend: nearly all crypto exchange-traded product (ETP) providers saw inflows during the first week of June. According to the asset manager, trading volumes for exchange-traded products (ETPs) soared to $12.8 billion in the first week of June, a 55% increase from the previous week.
According to the report, positive price action also boosted total assets under management (AUM) to over $100 billion for the first time since March 2024. Among the digital asset investment product providers, only Grayscale Investments and CoinShares XBT reported outflows for the week. In terms of inflows, iShares exchange-traded funds (ETFs) in the United States led the way with $948 million, followed by Fidelity ETFs, which recorded $680 million.
The asset manager suggested this shift might be due to weaker-than-expected macroeconomic data in the U.S., accelerating expectations for monetary policy rate cuts.
“We believe this turnaround in sentiment is a direct response to weaker-than-expected macro data in the U.S., bringing forward monetary policy rate cut expectations,”
the report stated.
CoinShares prides itself on being the leading European digital assets manager, and it issues and manages the CoinShares Physical Bitcoin ETP, listed in 15 European countries. The firm recently released its investor report for the fourth quarter of 2023, revealing a strong performance. The report disclosed an annual revenue of $108.5 million and AUM of $3.8 billion as of December 31, 2023. The firm attributed its 109% growth in AUM since 2022 to the price recovery of multiple virtual assets in 2023 and the influx of new investments into CoinShares’ physical products.
According to the asset manager, CoinShares Physical Bitcoin ETP now holds over $998,240,375 worth of Bitcoin.
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