Although Bitcoin ETPs saw losses against altcoin funds last week, the trend probably implied the anticipation of ETFs rather than a broad altcoin season, CoinShares’ head of research said.
Cryptocurrency investment products ended last week in the green, marking 15 consecutive weeks of inflows, even as Bitcoin funds saw minor outflows.
Global crypto exchange-traded products (ETPs) recorded $1.9 billion of inflows during the trading week ending Friday, according to a Monday report from European crypto asset manager CoinShares.
The latest inflows came despite heightened market volatility as Bitcoin (BTC) tumbled to as low as $115,000 by the end of the week, while Ether (ETH) briefly dropped below $3,600 on Thursday, according to CoinGecko.
The new gains brought the year-to-date (YTD) inflows to a new high of $29.5 billion, while total assets under management (AUM) for the first time reached $221.4 billion. Month-to-date inflows also set a record of $11.2 billion, surpassing the previous record of $7.6 billion seen in December 2024 following the US election.
Ether ETPs see second-largest inflows on record
The majority of last week’s gains were driven by Ether investment products, which saw $1.59 billion in inflows. According to CoinShares’ head of research, James Butterfill, the figure represents the second-largest weekly inflow ever recorded for Ether ETPs.
Solana (SOL) and XRP (XRP) followed Ether ETPs in recorded gains last week, with inflows totaling $311.5 million and $189.6 million, respectively.
On the other hand, Bitcoin ETPs saw minor outflows of $175 million as BTC investment products ended a 12-day inflow streak on July 21.
According to Butterfill, the divergence in the flows between Bitcoin and altcoins highlights potential anticipation of altcoin ETFs rather than a broader altcoin season.
“These altcoin inflows may be driven less by broad-based enthusiasm and more by anticipation surrounding potential US ETF launches,” Butterfill said.
He added that several altcoin ETPs saw minor outflows, including Litecoin (LTC) and Bitcoin Cash (BCH), $1.2 million and $0.7 million, respectively.
This is a developing story, and further information will be added as it becomes available.
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