Digital asset investment products attracted $533 million in inflows last week, the biggest in over a month, following Jerome Powell’s hint at the Jackson Hole Symposium that an interest rate cut might occur in September.
While trading volumes were lower than in recent weeks, these products still totaled $9 billion for the past seven days.
According to CoinShares’ latest edition of Digital Asset Fund Flows Weekly Report, Bitcoin dominated the market, drawing in $543 million in inflows. A major portion of this figure was found to have occurred on Friday after Powell’s dovish remarks, which essentially highlighted Bitcoin’s sensitivity to interest rate expectations.
Short-Bitcoin ETFs also saw $1.7 million in weekly inflows, as per the European digital asset investment firm’s report.
Several altcoins, too, welcomed inflows during the same period. Litecoin, for one, attracted $0.5 million. XRP and Cardano followed suit with $0.3 million each. Meanwhile, Solana settled with inflows of $0.1 million.
On the other hand, Ethereum experienced $36 million in outflows last week, though new issuers are still seeing inflows. However, the Grayscale Ethereum Trust countered this trend with $118 million in withdrawals.
One month after the spot Ethereum ETF launches, the new ones have attracted $3.1 billion in inflows, which have been offset by $2.5 billion in outflows from the Grayscale Trust.
The majority of inflows were concentrated in the United States, which saw $498 million, while Hong Kong and Switzerland trailed behind with $16 million and $14 million.
Brazil, Canada, and Australia saw inflows of $8 million, $5 million, and $2.5 million, respectively. Germany, however, had minor outflows of $9 million, positioning it as one of the few countries with year-to-date net withdrawals. Sweden’s outflow for the week stood at $1.2 million.
Additionally, inflows into blockchain equities continued for the third straight week, reaching $4.8 million.
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