Crypto ETPs Reach Record $6 Billion Inflows Last Week
Investment in crypto exchange-traded products (ETPs) reached a new record, with inflows totaling nearly $6 billion last week.
- Bitcoin led the surge, attracting $3.6 billion.
- Previous record of $4.4 billion was surpassed by 35%.
- While Bitcoin dominated, Ether ETPs drew $1.48 billion, and year-to-date inflows for Ether reached approximately $13.7 billion.
- Solana ETPs saw $706.5 million, and XRP products attracted $219 million.
Macro Events Influencing Crypto Demand
- Fed's interest rate cut and weaker employment figures contributed to increased crypto allocations.
- Concerns over a potential US government shutdown also played a role.
- Bitcoin's price rose above $125,000, pushing total crypto assets under management past $250 billion.
Technical Insights and Market Sentiment
- Bitcoin supply on exchanges is at a six-year low, suggesting reduced selling pressure.
- Analysts using Glassnode’s pricing bands see potential upside to $139,800 if current support holds.
- Another forecast suggests a lower target at $135,000.
- Investors were largely long, showing confidence in continued asset appreciation.