Cryptocurrency Inflows Reach $4.6 Billion Since July

Inflows into cryptocurrency investment funds from July 20 to 26 amounted to $245 million. Since the beginning of July, the figure has reached $4.56 billion, according to CoinShares.

The turnover of ETP surged to a May high of $14.5 billion.

Thanks to the recovery in prices, the total volume of assets reached $99.1 billion.

Clients added $519 million to bitcoin-related products, bringing the monthly total to $3.6 billion.

Investors contributed $0.3 million to structures allowing short positions on digital gold, after previously withdrawing $1.9 million.

“Confidence was restored by pre-election comments in the US about bitcoin as a potential reserve asset, as well as increased chances of a Fed rate cut in September 2024,” specialists commented.

CoinShares noted that the launch of US spot Ethereum ETFs led to the largest inflow into instruments since December 2020. According to experts’ calculations, clients directed $2.2 billion into the new ETFs.

“This figure is somewhat contradictory. Grayscale placed ~$1 billion into its new Mini Trust ETF a week earlier using capital from a larger structure. Additionally, there was a continued outflow from Grayscale’s ETHE of $1.5 billion. This resulted in a net capital withdrawal of $285 million. The situation is similar to GBTC during the launch of BTC-ETF in January 2024,” analysts explained.

According to recent estimates, the outflow from Grayscale Ethereum Trust since the ETF approval has reached $1.51 billion.

Earlier, experts assessed the impact of fund withdrawals from the product on Ethereum’s dynamics.