Data from CoinShares show that crypto investments products experienced their biggest inflows for weeks due to a positive market mood.
Investors reacted positively to the dovish signal from central banks by putting their money into crypto investment products. This was the largest inflow in over five weeks. Federal Reserve Jerome Powell, the chair of the Jackson Hole Symposium. report James Butterfill is the CoinShares Head of Research.
He said that although trading volume was lower in comparison to recent weeks, it still remained higher than the previous week. “remained high, reaching $9 billion for the week” Powell’s comments, which hinted at an interest rate reduction as soon as September, triggered significant market activity.
The U.S. led inflows of $498 millions, but Hong Kong and Switzerland saw gains as well, totaling $16 and $14 million respectively. Butterfill said that Germany was the exception to this trend, with an outflow of $9 million. “one of the only countries with net outflows year-to-date.”
BitcoinBTCButterfill said that the majority of BTC’s flows occurred on Friday, August 23, just after Powell made his comments.
Ethereum (ETHCoinShares’ head of Research, Michael Smith, said that while Ethereum ETFs (which track the cryptocurrency) have seen a contrasting movement with $36 million in outflows last week, they have also gained momentum, and attracted $3.1 Billion in inflows during the past month. “partially offset by outflows from the Grayscale Trust of $2.5 billion.”
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Source: crypto.news
