Crypto funds post $3.3 billion in weekly inflows, pushing AuM near $240 billion

Global crypto investment products managed by asset managers such as BlackRock, Bitwise, Fidelity, Grayscale, ProShares, and 21Shares returned to net inflows of $3.3 billion last week after the prior week's $352 million in net outflows, according to CoinShares' data.

Weaker-than-expected U.S. macroeconomic data helped sentiment to recover, as BTC and ETH saw respective gains of around 2.5% and 5% for the week, CoinShares Head of Research James Butterfill said in a Monday report, with traders now fully pricing in three rate cuts by year-end.

Following those additions and concurrent price rise, total assets under management at the funds rose to $239 billion — the highest level since the early August all-time high of $244 billion, Butterfill noted.

Weekly crypto asset flows. Images: CoinShares.

Bitcoin experiences strongest rebound in sentiment

Regionally, sentiment was broadly positive, dominated by U.S.-based digital asset investment products' $3.2 billion in net inflows. Crypto funds in Germany, Canada, and Hong Kong also saw inflows of $160.2 million, $14.1 million, and $5.4 million, respectively. Switzerland's products were the only major outlier, losing $92.1 million last week.

Bitcoin-based funds witnessed the strongest rebound in sentiment, Butterfill said, attracting $2.4 billion worth of net inflows — the largest since July — while short Bitcoin products saw modest outflows.

The U.S. spot Bitcoin exchange-traded funds accounted for $2.3 billion of that figure alone, according to data compiled by The Block, led by BlackRock's IBIT with just over $1 billion.

Ethereum products also saw a reversal in sentiment after eight consecutive trading days of outflows, bringing in $646 million last week, with the U.S. spot Ethereum ETFs contributing $637.6 million.

Meanwhile, Solana funds witnessed their largest-ever single-day inflow on Friday, adding $145 million to a weekly total of $198 million, Butterfill noted. 

Last week, 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.