Cryptocurrency investment products maintained their bullish trend last week, recording gains for 2 consecutive weeks following significant outflows.
Cryptocurrency exchange-traded products (ETPs) recorded $716 million in inflows, adding to the previous week's gains of $1 billion, European crypto asset manager CoinShares reported on Monday.
“Daily data showed small outflows on Thursday and Friday, which we consider was a response to U.S. macroeconomic data that suggested continued inflationary pressures,” James Butterfill, head of research at CoinShares, said within the update.
The latest inflows pushed total assets under management (AUM) to over $180 billion, an 8% rebound from November lows, following 4 weeks of outflows of $5.5 billion. However, AUM remained well below its all-time high of $264 billion, Butterfill noted.
Bitcoin leads inflows, Chainlink records record inflows
Bitcoin (BTC) led crypto ETP gains last week, attracting $352 million in inflows, followed by XRP (XRP) funds with $244 million.
Chainlink (LINK) stood out with record inflows of $52.8 million, accounting for 54% of its AUM.
Weekly crypto ETP flows by asset as of Friday (in tens of millions of US dollars). Source: CoinShares
Ether (ETH) funds saw marginal inflows of $39 million, while short Bitcoin ETPs saw outflows of around $19 million, potentially indicating an easing of negative sentiment.
ProShares is outperforming inflows while BlackRock's iShares is bleeding
Among issuers, ProShares led the way in which with inflows of $210 million, while BlackRock – the most important issuer by AUM – saw outflows of $105 million.
Cathie Wood's ARK and Grayscale Investments also saw outflows last week, recording $78 million and $7 million, respectively.
Geographically, just about all regions worldwide recorded inflows, with the United States, Germany and Canada being essentially the most notable with inflows of $483 million, $97 million and $80.7 million, respectively.
Sweden recorded outflows of $5.6 million last week, bringing year-to-date outflows to $836 million, surpassing global outflows.
