After experiencing record outflows of nearly $1 billion just a week prior, crypto-based investment products made a significant turnaround, with approximately $900 million in net inflows reported, according to data from CoinShares.
CoinShares analyst James Butterfill disclosed that crypto-based investment vehicles collectively saw a remarkable rebound last week, accumulating $862 million in net inflows. This resurgence follows a challenging period when funds managed by prominent asset managers like BlackRock, Fidelity, and Grayscale witnessed record outflows totaling $942 million.
Driven by bitcoin’s price surging above $70,000 for a significant portion of last week, the combined assets under management for all crypto funds tracked by CoinShares soared to $97.9 billion.
Bitcoin-Related Funds Remain Dominant
Bitcoin-related funds continue to attract the bulk of investor activity. Both BlackRock and Fidelity’s spot bitcoin ETFs recorded inflows exceeding $600 million each during the past week. However, Grayscale’s spot bitcoin ETF experienced outflows amounting to $960 million, reducing its assets under management to approximately $35 billion.
An Exceptional Performance by Ark Invest 21 Shares
One standout performer last week was the Ark Invest 21 Shares spot bitcoin fund, which witnessed over $300 million in net inflows. This marks a substantial increase compared to the previous week when the fund attracted only $30 million in capital inflow. With its assets under management now exceeding $3 billion, the fund demonstrated exceptional growth.
Overall, the rebound in net inflows suggests renewed investor confidence in crypto-based investment products, particularly amidst the backdrop of Bitcoin’s impressive price performance.
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