Bitcoin ETFs see the third largest daily income on the downside.
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Crypto investment products have seen massive inflows of $2 billion so far in June, fueled by hopes of a devaluation in the US. According to asset management firm CoinShares, these products have generated a combined $4.3 billion in revenue over the past five weeks.
Bitcoin continues to be a major focus for investors, with $1.97 billion in revenue for the week. Conversely, short bitcoin products experienced outflows for the third consecutive week, totaling $5.3 million.
Ethereum saw a significant increase in interest, with its best week of earnings since March, totaling $69 million. This may be in response to the SEC's unexpected decision to allow spot-based ETFs. Meanwhile, the rest of the altcoins experienced less activity, although Fantom and XRP brought in $1.4 million and $1.2 million respectively.
Regionally, the US recorded an estimated $1.98 billion in revenue last week alone, the third-biggest daily revenue on record for the first day of the week. The iShares Bitcoin ETF has now surpassed the Grayscale Bitcoin Trust, boasting $21 billion in assets under management.
Hong Kong took second place last week with more than $26 million, and it also had the second-biggest year-to-date gross of $326 million.
The trading volume of crypto exchange-traded products (ETP) rose to $12.8 billion for the week, a 55 percent increase compared to the previous week. In a notable shift, revenue flows were recorded across all suppliers, with the usual flow from established firms declining.
CoinShares analysts attribute this shift in market sentiment to better-than-expected US macroeconomic data, which has led to expectations of monetary policy rate cuts. The positive market movement pushed total assets under management above $100 billion for the first time since March this year.
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