Crypto-Backed Investment Products Earned Over $930 Million Last Week: CoinShares Data

According to CoinShares data, crypto-backed investment products generated over $930 million in earnings last week.

Crypto-Backed Investment Products Earn Over $930 Million Last Week: CoinShares Data

In recent months, the majority of cryptocurrencies have experienced price spikes, rekindling investor interest in the sector. CoinShares data revealed that investment products backed by digital assets, such as NFTs and cryptocurrencies, attracted $932 million (approximately Rs. 7,766 crore) during the four-day period from May 13 to May 17. This capital influx followed the release of the consumer price index (CPI) data by the US Labor Department's Bureau of Labor Statistics, which indicated that inflation in April showed signs of cooling down.

"The inflows were an immediate response to the lower-than-expected CPI report on Wednesday, with the latter three trading days of the week making up 89 percent of the total flows, highlighting our view that Bitcoin prices have recoupled to interest rate expectations," CoinShares Research stated in a blog post published on Medium on May 20.

Weekly investments in Grayscale, iShares ETFs, Fidelity ETFs, Ark 21 Shares, ProShares ETFs, and Bitwise ETFs significantly increased in the US last week. Fidelity's BTC ETFs saw the highest capital inflow, gaining $344 million (approximately Rs. 2,866 crore).

Crypto-Backed Investment Products Earn Over $930 Million Last Week: CoinShares Data

Price Surge in Cryptocurrencies

Piggybacking on the US inflation data, several cryptocurrencies rose in value this week. Bitcoin, for example, reached $67,000 (approximately Rs. 55.8 lakh) on international exchanges one day ago. This comes after a period of stagnation around $63,000 (roughly Rs. 52.4 lakh) during the first fifteen days of May. According to CoinShares data, investments in Bitcoin last week totaled a whopping $942 million (roughly Rs. 7,849 crore).

Investments in Other Cryptocurrencies

In addition to Bitcoin, other cryptocurrencies such as Solana, Litecoin, Cardano, and Chainlink also attracted significant investments recently.

Ether's Market Performance

Ether has not performed as impressively as Bitcoin in the markets. The CoinShares blog stated, "Ethereum continues to suffer from bearishness over the prospects for an SEC approval of a spot-based ETF this week with further outflows of $23 million (roughly Rs. 191 crore)."

Crypto-Backed Investment Products Earn Over $930 Million Last Week: CoinShares Data

Price Surge in Cryptocurrencies

Piggybacking on the US inflation data, several cryptocurrencies rose in value this week. Bitcoin, for example, reached $67,000 (approximately Rs. 55.8 lakh) on international exchanges one day ago. This comes after a period of stagnation around $63,000 (roughly Rs. 52.4 lakh) during the first fifteen days of May. According to CoinShares data, investments in Bitcoin last week totaled a whopping $942 million (roughly Rs. 7,849 crore).

Investments in Other Cryptocurrencies

In addition to Bitcoin, other cryptocurrencies such as Solana, Litecoin, Cardano, and Chainlink also attracted significant investments recently.

Ether's Market Performance

Ether has not performed as impressively as Bitcoin in the markets. The CoinShares blog stated, "Ethereum continues to suffer from bearishness over the prospects for an SEC approval of a spot-based ETF this week with further outflows of $23 million (roughly Rs. 191 crore)."

Global Investment Trends

Investments in crypto rose most in the US last week. Australia, Brazil, Germany, and Switzerland also saw a positive sentiment toward crypto among investors in recent days. Meanwhile, Hong Kong and Canada experienced outflows from crypto, totaling $83 million 

Crypto-Backed Investment Products Earn Over $930 Million Last Week: CoinShares Data

Price Surge in Cryptocurrencies

Piggybacking on the US inflation data, several cryptocurrencies rose in value this week. Bitcoin, for example, reached $67,000 (approximately Rs. 55.8 lakh) on international exchanges one day ago. This comes after a period of stagnation around $63,000 (roughly Rs. 52.4 lakh) during the first fifteen days of May. According to CoinShares data, investments in Bitcoin last week totaled a whopping $942 million (roughly Rs. 7,849 crore).

s. 691 crore) and $17 million (roughly Rs. 141 crore), respectively.