$2 Billion Crypto Funds Flow Into Market On Rate Cut Buzz

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The cryptocurrency market is experiencing a surge in optimism and investment, with CoinShares reporting a historic $2 billion inflow into crypto funds in just one week, surpassing the total inflows of May. This marks the fifth consecutive week of positive trends, pushing the total assets under management (AUM) in crypto funds above $100 billion, a level last seen in March 2024.

Bitcoin, supported by the launch of US-approved spot Bitcoin ETFs, remains the focal point, with these ETFs attracting $890 million in a single day. Ethereum is also gaining strong investor interest, with nearly $70 million in inflows recently, fueled by anticipation for spot Ethereum ETFs in the US. Altcoins like Fantom and XRP are witnessing renewed investor interest as well.

CoinShares notes that the inflows are widespread across providers and attributes the positive sentiment to expectations of a US monetary policy rate cut. Despite the inflow surge, cryptocurrency prices have not seen significant upward movement, possibly due to ongoing economic uncertainties in the US. The trend of increasing fund inflows and the popularity of regulated vehicles like Bitcoin ETFs indicate a growing institutional acceptance and potential for wider adoption in the crypto market.

URL:
http://www.newsbtc.com/news/2-billion-crypto-funds-flow-into-market-on-rate-cut-buzz/