Digital Asset Investment Products Attracted $533 Million in Inflows Last Week, Dominated by Bitcoin

Digital asset investment products attracted $533 million in inflows last week, the biggest in over a month, following Jerome Powell's hint at the Jackson Hole Symposium

Digital asset investment products saw inflows of $533 million in the week ending Aug. 26, according to CoinShares data.

The inflows were the highest in over a month and came as Federal Reserve Chair Jerome Powell hinted at the possibility of an interest rate cut in September during his speech at the Jackson Hole Symposium.

While trading volumes were lower than in recent weeks, these products still totaled $9 billion for the past seven days.

Bitcoin (BTC) dominated the market with inflows of $543 million, according to the latest edition of CoinShares’ Digital Asset Fund Flows Weekly Report.

A large portion of this figure were said to have occurred on Friday following Powell’s dovish remarks, which highlighted Bitcoin’s sensitivity to interest rate expectations.

Short-Bitcoin ETFs also saw inflows of $1.7 million during the week, the European digital asset investment firm added.

Several altcoins also welcomed inflows during the period. Litecoin (LTC) attracted inflows of $0.5 million, while XRP (XRP) and Cardano (ADA) followed suit with inflows of $0.3 million each. Solana (SOL) saw inflows of $0.1 million.

On the other hand, Ethereum (ETH) saw outflows of $36 million during the week, although new issuers are still seeing inflows.

However, the Grayscale Ethereum Trust countered this trend with outflows of $118 million.

One month after the launch of the spot Ethereum ETF, the new ones have attracted inflows of $3.1 billion, which were offset by outflows of $2.5 billion from the Grayscale Trust.

The majority of inflows were concentrated in the United States, which saw inflows of $498 million, while Hong Kong and Switzerland trailed behind with inflows of $16 million and $14 million, respectively.

Brazil, Canada and Australia saw inflows of $8 million, $5 million and $2.5 million, respectively. Germany, however, had outflows of $9 million, making it one of the few countries with year-to-date net outflows.

Sweden’s outflows for the week stood at $1.2 million.

Inflows into blockchain equities also continued for the third week in a row, reaching $4.8 million.

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