Cryptocurrency exchange-traded products (ETPs) recorded $1.9 billion in inflows last week, marking a second consecutive week of gains following the previous week's $3.3 billion inflow. This surge has pushed the total assets under management (AUM) in global crypto ETPs to a new all-time high of $40.4 billion year-to-date, according to data from CoinShares.
Bitcoin funds led the charge with $977 million in inflows last week, extending their streak to four consecutive weeks. The four-week total for Bitcoin ETFs has now reached $3.9 billion, highlighting sustained institutional demand. James Butterfill, head of research at CoinShares, noted, "Bitcoin’s continued strength reflects investor optimism amid a recovering market." Bitcoin's price responded, edging up to multi-week highs above $117,000 following the U.S. Federal Reserve's rate cut.
Ether ETPs also saw robust activity, attracting $772 million in inflows last week. Year-to-date, Ether inflows have hit a record $12.6 billion, with ETH's price briefly surpassing $4,600 after starting the week around $4,500. Butterfill emphasized, "Ether’s performance suggests confidence in Ethereum’s evolving role in the decentralized finance ecosystem."
Beyond the top two cryptocurrencies, Solana funds attracted $127 million and XRP funds saw $69 million in inflows, indicating broadening investor interest in altcoins. The inflows coincided with the Fed's first rate cut of the year—a 0.25-point reduction—which initially caused caution but later fueled positive momentum. Despite this, the Crypto Fear & Greed Index showed neutral sentiment (score of 53) last week, dropping to "Fear" (score of 45) on Monday.