Crypto ETPs rebound with $1.07 billion inflows after four weeks of losses, while XRP hits record weekly gains amid US ETF launches.
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Cryptocurrency investment products snapped a four-week losing streak, drawing about $1 billion in fresh money after four consecutive weeks of losses totaling $5.5 billion.
Crypto recorded $1.07 billion of inflows last week, their first week of gains since late October, to the European crypto asset manager CoinShares.
James Butterfill, CoinShares’ head of research, attributed the rebound to optimism over a , following remarks from Federal Open Market Committee (FOMC) member John Williams.
“The turnaround in sentiment follows FOMC member John Williams comments stating monetary policy remains restrictive, raising hopes for an interest rate cut this month,” Butterfill noted.
Bitcoin (), Ether () and XRP () were the top performers in ETP inflows last week, with Bitcoin leading the gains at $464 million. Ether and XRP were followed with $309 million and $289 million, respectively.
Despite the weekly gains, both Bitcoin and Ether remain in negative territory for the month, with outflows of $2.8 billion and $1.4 billion, respectively.
XRP funds have moved in the opposite direction. They have recorded nearly $790 million in month-to-date inflows, including the largest weekly inflows on record for the asset, according to CoinShares.
Butterfill linked XRP’s surge to recent US launches, such as .
Regionally, the United States drove inflows with aömost $1 billion, even amid subdued trading during the Thanksgiving week, Butterfill said.
Among issuers, Fidelity recorded the largest inflows at $230 million, followed by Volatility Shares Trust with $160 million and BlackRock’s iShares at $120 million.
Related:
The rebound in crypto ETPs coincided with short-term gains across broader crypto markets last week, with Bitcoin briefly reaching above $90,000.
However, the rally was short-lived, as BTC slipped below $86,000 on Monday, to CoinGecko data.
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