Global crypto investment products bounced from the late-March sentiment downturn, with XRP funds and European investors stealing the spotlight from Bitcoin and US markets.
XRP Inflows Fuel Crypto Funds RecoveryJames Butterfill, CoinShares Head of Research, explained that despite the improvement in sentiment, momentum reversed at the end of the week due to stronger macro data and hawkish expectations, leading to minor outflows.
“Stronger-than-expected retail sales data later in the week, alongside increasingly hawkish investor expectations and mixed geopolitical signals, led to minor outflows in the latter half of the week,” he wrote.
In an unusual shift, Switzerland led activity last week, bringing $151.5 million into crypto funds, followed by Germany’s $27.7 million inflows. The US ranked third, recording only $27.5 million in inflows last week, while Canada saw $11.2 million.
This figure brought its Year-to-Date (YTD) inflows to $159 million, around 7% of the category’s Assets under Management (AuM). It’s worth noting that US-listed XRP exchange-traded funds (ETFs) registered their first red month since their November launch, with $31.1 million in outflows.
Bitcoin Shows Mixed Signals, Ethereum Lags
Global Bitcoin funds followed XRP and saw total inflows worth $107.3 million during the week, “improving on what has been a bad start to the month, [as] net outflows remain at US$145m for the month so far,” CoinShares added.
Notably, short Bitcoin investment products recorded $16 million in inflows during this period, their largest performance since mid-November, which signals polarized opinions on the asset.
Following XRP and Bitcoin, Solana funds also saw inflows, totalling $34.9m last week. As CoinShares noted, the category’s steady inflows this year represent 10% of AuM.
In addition, the US-based Solana products ended March on a positive note, leading altcoin funds with inflows worth $45.44 million and $213.1 million in the monthly and quarterly timeframes, respectively.
