From outflows to inflows: Bitcoin ETPs rally amid surprising economic update
Bitcoin, which had been the main driver of crypto ETP outflows a week earlier, almost fully recovered its losses with $931 million in inflows last week.
Cryptocurrency investment products regained momentum last week as investor confidence improved following lower-than-expected US inflation data.
Crypto exchange-traded products (ETPs) saw $921 million of inflows last week, more than offsetting the $513 million in outflows from the week before, CoinShares reported Monday.
The main driver behind the bullish trend in the crypto fund market was renewed confidence in further US rate cuts, bolstered by lower-than-expected CPI data released on Friday, according to CoinShares’ head of research, James Butterfill.