Bitcoin funds push Crypto ETP inflows to record $5.95B

Last week, crypto-investment products saw their largest ever inflows as the US shutdown fuelled a rally on spot markets.

The global crypto exchange-traded products (ETPs) recorded $5.95 billion of inflows in the week ending Friday — the largest ever seen — CoinShares reported On Monday,

“We believe this was due to a delayed response to the FOMC [Federal Open Market Committee] interest rate cut, compounded by very weak employment data […], and concerns over US government stability following the shutdown,” James Butterfill said that CoinShares head of research James Butterfill.

Bitcoin was the beneficiary of a bullish crypto market trend.BTCRegistering a new historic high above $125,000 On Saturday,

Bitcoin ETPs smash records

Crypto ETPs have surpassed traditional ETPs in terms of their inflows, which reached $5.95 billion. previous $4.4 billion record By mid-July 35%.

The previous records inflows were distributed almost evenly between Bitcoin and Ether.ETHBitcoin (BTC) was the main contributor to these latest gains, and Bitcoin funds attracted an unprecedented $3.6 Billion.

“Despite prices closing in on all-time highs during the week, investors did not choose to buy short investment products,” CoinShares Butterfill is noted.

Butterfill reported that Ether ETPs had inflows of $1.48billion, raising the year-to date inflows up to $13.7billion, which is close to three times what they were last year.

Solana (SOL) ETP inflows ranked third at $706.5 million, while XRP (XRPCoinShares reported that both CoinShares and ) had added $219.4 millions, setting new records.

Related: Companies spent $1.2B on Bitcoin last week, but BTC ETFs stole the show

According to the record inflows in the crypto fund industry, the total assets managed (AUM), reached a new peak of $254.4 Billion.

New ETF launches despite shutdown-triggered delay concerns

Crypto ETPs’ historical inflow records coincided with the US Securities and Exchange Commission’s (SEC). shutting down operations last weekSparkling concerns over potential delays The highly anticipated exchange-traded fund (ETF) The approvals will be made in October.

According Eleanor Terrett of Crypto in America says that the SEC is still able to act against fraud or market emergencies but it’s expected the shutdown will cause routine work to be delayed.

“It’s like a rain delay,” Eric Balchunas, senior ETF analyst at Bloomberg, said this last week.

Despite the anticipated slowdown, Grayscale Investments — the second-largest US crypto ETF provider, after BlackRock — debuted the first US-listed spot crypto ETPs, enabling staking, on Monday.

Grayscale Ethereum Mini Trust (ETH) and Grayscale Ethereum Trust (ETHE) now offer investors the opportunity to earn additional returns. staking rewardsThe fund’s performance on the market will also be credited to your account.