Reported by The Block: Digital asset investment products brought in $321 million worth of net inflows globally for the second consecutive week, according to CoinShares.
The surge was likely driven by the U.S. Federal Reserve’s 50-basis-point interest rate cut, Head of Research James Butterfill said.
Global crypto funds at asset managers such as BlackRock, Bitwise, Fidelity, Grayscale, ProShares and 21Shares continued their rebound into a second week, adding net inflows worth $321 million last week, according to CoinShares — following two prior consecutive weeks of net outflows.
“This surge was likely driven by the Federal Open Market Committee (FOMC) comments last Wednesday, which took a more dovish stance than anticipated, including a 50 basis point interest rate cut,” CoinShares Head of Research James Butterfill wrote in a Monday report.
Total assets under management at the funds grew 9% as a result, with trading volume also up 9% on the week before at $9.5 billion, Butterfill added.
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