After Powell’s dovish comments, Bitcoin’s revenue surged to $543 million.
Key receivers
Digital asset investment products saw inflows of $533 million, the largest in five weeks. New Ethereum ETFs saw $3.1bn in inflows, partly driven by a $2.5bn Grayscale Trust exit.
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Crypto products brought in a total of $533 million last week, marking the highest volume in five weeks.
As reported by CoinShares, this increase follows Jerome Powell's comments at the Jackson Hole Symposium suggesting that interest rates may be cut in September.
Bitcoin (BTC) was the primary beneficiary, with $543 million in revenue, most of which occurred after Powell's comments on Friday. This shows Bitcoin's expected sensitivity to interest rates.
As reported by Crypto Briefing, spot BTC exchange-traded funds (ETFs) in the U.S. collected over $500 million in net inflows last week. BlackRock's IBIT led the pack with $310 million in cash, while Fidelity's FBTC came in second, pulling in roughly $88 million.
Ethereum (ETH) traded $60.7 million in inflows last week in the US, but a new Ethereum ETF faced $36 million in expenses.
The net outflow was primarily due to Greyscale's ETHE capital flight of $118 million. A month after the launch of the ETH ETF, new Ethereum ETFs saw $3.1 billion in revenue, partly at a cost of $2.5 billion from Grayscale Trust.
Additionally, Solana (SOL) funds saw only $100,000 in inflows last week, as the month-to-date flow was negative at $34.3 million. Meanwhile, ETH's year-to-date flows stood at $832 million, up sharply from the $120 million seen in August.
Regionally, the US led with $498 million in revenue, followed by Hong Kong and Switzerland with $16 million and $14 million respectively. Germany saw a slight outflow of $9 million, making it one of the few countries with net outflows year-over-year.
Notably, Brazil and Canada accounted for the largest monthly inflows outside of the US, with $39.5 million and $47.5 million respectively invested in crypto funds.
Blockchain stocks registered their third straight week of gains, totaling $4.8 million. Meanwhile, trading volumes, although lower than in recent weeks, remained high for the week at $9bn.
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