Inflows to crypto funds resume

Inflows into cryptocurrency investment products for 5–11 August totalled $28.5 million, versus outflows of $107 million a week earlier. That assessment was provided by analysts at CoinShares.

Negative momentum had persisted for three weeks in a row.

Analysts attributed the shift in trend to a reduced likelihood of a Federal Reserve rate hike at the September meeting, following inflation data.

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The lion’s share of inflows came from Bitcoin funds ($27 million). They partly offset the record outflow since March of $111 million in the previous week.

In venues that allow short exposure to Bitcoin, negative momentum resumed — clients withdrew $2.7 million after zero change in the previous reporting period.

Ethereum funds reflected inflows of $2.5 million versus outflows of $5.9 million in the previous week.

In products based on other altcoins there was positive momentum — from $0.1 million in LTC to $0.7 million in Uniswap.

The wave of inflows into XRP-based products continued for the 16th week in a row. Since the start of the year their AUM has risen by 127%.

Blockstream CEO Adam Back forecast Bitcoin to rise to $100,000 before the halving.

Earlier, Bloomberg analyst James Seiffart raised the odds of approval for a digital-gold ETF to 65%.