Crypto funds attract $2 billion in one week

Cryptocurrency investment products recorded $2 billion in new inflows last week, contributing to a three-week total of $5.5 billion, according to a report by European investment firm CoinShares.

Global crypto exchange-traded products (ETPs) saw their assets under management rise 3.3%, increasing from $151 billion to $156 billion.

Despite the continued inflows, last week’s $2 billion was a 41% decrease compared to the previous week’s $3.4 billion, which was the third-largest weekly inflow on record.

Bitcoin (CRYPTO:BTC) led the inflows with $1.8 billion, although this figure was down 43% from the week before.

Bitcoin’s price rose from approximately $94,300 on April 28 to an intraweek high above $97,000 on May 2, according to CoinGecko data.

Meanwhile, bearish sentiment increased as short Bitcoin ETPs experienced a 300% jump in inflows, rising to $6.4 million from $1.6 million the prior week.

Altcoins also attracted investment, with Ether (CRYPTO:ETH) and XRP (CRYPTO:XRP) seeing inflows of $149 million and $10 million, respectively.

Year-to-date, Bitcoin accounts for 98% of all crypto ETP inflows, totaling $5.6 billion as of May 3.

BlackRock’s iShares products dominated inflows last week, attracting $2.7 billion.

Conversely, other issuers such as ARK Invest and Fidelity Investments experienced outflows of $458 million and $201 million, respectively.

Additional outflows were reported by Bitwise, Grayscale, and ProShares, totaling $36 million, $31 million, and $25 million.