Crypto funds smash records with $5.95B inflows amid shutdown concerns

Crypto ETPs posted a record $5.95 billion of inflows last week, with Bitcoin leading the gains, recording a record $3.6 billion in inflows amid concerns about a US government shutdown.

Cryptocurrency investment products recorded their highest-ever inflows last week, as the US government shutdown fueled a rally in spot crypto markets.

Global crypto exchange-traded products (ETPs) recorded $5.95 billion of inflows in the week ending Friday — the largest ever seen — CoinShares reported on Monday.

“We believe this was due to a delayed response to the FOMC [Federal Open Market Committee] interest rate cut, compounded by very weak employment data […], and concerns over US government stability following the shutdown,” CoinShares’ head of research, James Butterfill, said.