Bitcoin investors put $1.5 billion of flows into exchange-traded funds this week as investors look to the recent highs.
BTC trades at $107,699 after shrugging off the recent resistance ahead of $110k.
Cryptocurrency products continued a run of multi-week inflows with exchange-traded products (ETPs) recording $1.9 billion of inflows in the trading week. A nine-week win rate of inflows now brings the total to $12.9 billion, according to CoinShares report.
Inflows to crypto ETPs have set a historic record of year-to-date (YTD) inflow level of $13.2 billion, the group wrote. Total assets under management (AUM) in crypto ETP has now hit around $179 billion from last week’s $175.9 billion.
Bitcoin was the biggest beneficiary again with $1.3 billion of inflows, while short-Bitcoin products recorded only $3.7 million, with an AUM of only $96 million. Ethereum has been gaining ground with $583 million in inflows last week. Those were the largest inflow gains for the asset since February, including their strongest single-day inflows.
Stock indices recovered from Friday’s losses after the recent conflict between Israel and Iran showed some hope that it can remain contained and not escalate throughout the Middle East. Oil lost some sharp gains and turned lower as the ongoing attacks have avoided key oil export infrastructure in Iran.
US President Trump has signalled that Iran wants to talk after the latest attacks, although markets will continue watching that develop on a daily basis.
With the earnings cycle complete, markets will look to economic and geopolitical events and this week’s Fed rate cut decision could be one of those. Trump has called for a 10 basis point rate cut, but that will be very unlikely, and the Fed Chair may remain stubborn on rate cuts after recent criticism from the President. That could reignite talk of removing Jerome Powell, which sparked a mini market panic during the March-April downturn.
