Crypto ETPs Rise with Bitcoin and XRP Inflows: CoinShares

Cryptocurrency investment products maintained their upward momentum last week, posting two consecutive weeks of gains following significant outflows.

Exchange-traded products (ETPs) attracted $716 million inflows, up $1 billion from the previous week, European crypto asset manager CoinShares reported on Monday.

“The daily data highlighted small outflows on Thursday and Friday, which we believe was a reaction to US macroeconomic data reflecting continued inflationary pressure,” James Butterfill, head of research at CoinShares, said in an update.

The up-to-date inflows pushed total assets under management (AUM) above $180 billion, an 8% rebound from November lows following an outflow of $5.5 billion in four weeks. Butterfill noted, however, that AUM remained well below its all-time high of $264 billion.

Bitcoin Leads Inflow, Chainlink Sees Record Inflow

Bitcoin (BTC) saw gains in cryptocurrency ETPs last week, attracting $352 million in inflows, followed by XRP funds (XRP) with $244 million.

Chainlink (LINK) stood out with record inflows of $52.8 million, which represented 54% of its AUM.

Weekly cryptocurrency ETP flows by asset as of Friday (in millions of US dollars). Source: CoinShares

Ether (ETH) funds saw a petite inflow of $39 million, while Bitcoin miniature ETPs saw outflows of around $19 million, potentially indicating a reduction in negative sentiment.

ProShares is leading the inflows while BlackRock’s iShares is sinking

Among issuers, ProShares had the largest inflows with $210 million, while BlackRock – the largest issuer by AUM – recorded outflows of $105 million.

Cathie Wood’s ARK and Grayscale Investments also saw outflows, reaching $78 million and $7 million respectively last week.

Stocks, inflation, CoinShares, Ethereum ETF, Bitcoin ETF, ETF — *Weekly cryptocurrency ETP flows by issuer as of Friday (in millions of US dollars). Source: CoinShares*

Geographically, inflows accounted for almost every region in the world, with the most notable being the United States, Germany and Canada with inflows of $483 million, $97 million and $80.7 million respectively.

Related: Sweden is considering entering the Bitcoin “digital arms race”.

Last week, Sweden recorded an outflow of $5.6 million, bringing year-to-date outflows to $836 million, outpacing outflows worldwide.

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