Crypto assets see record inflows

This week brought news that the SEC had approved spot ether ETFs, a move that was not expected but welcomed by the US crypto ETP issuer community. VanEck’s head of digital assets research, Matthew Sigel, says: "This milestone anticipates more legal victories and increased investments in bitcoin, Ethereum, and other blockchains.

"We expect this trend will pave the way for more victories via new laws and in the courts, helping to draw investment to bitcoin, Ethereum, and other open-source blockchain software."

CoinShares noted that digital asset investment products saw inflows for the third consecutive week totalling USD1.05 billion, with cumulative flows representing an all-time record of USD14.9 billion for the year so far.

The majority of inflows were in to bitcoin ETPs, which saw USD1.01 billion of inflows last week, the firm said, while Ethereum saw inflows of USD36 million for the week, the highest since March and likely an early reaction to the approval of ETH ETFs in the United States.

Trackinsight’s weekly top and bottom performing ETF figures have shown crypto is back in full force, with Canada’s Evolve Ether turning in an impressive 28.03 per cent for the week from 20th to 24th May, 2024. And then we have news from NYSE that it has joined forces with CoinDesk to launch financial products tracking spot bitcoin prices.

There is definitely renewed energy in the crypto sector and talking of energy, Fiona Nicolson talked to Timothy Rotolo this week, who launched his business, Range Fund Holdings, in 2023, the parent company for Range Indices and Range ETFs, followed by the launch of four ETFs in January this year all focused on energy.

This theme reflects Rotolo’s view that energy will be the driving force of global markets for the next 10 years. Further, he emphasises that "energy is the driving force of all economic growth".

"We view the energy transition as progressing into a new phase. Investors are increasingly recognising the need for base-load power solutions in support of renewables.

"Governments, grappling with bureaucratic entanglements, are encountering difficulties in making timely decisions to determine how their near-term energy policies, which rely on fossil fuels, relate to pressures around climate change."

This situation has created an opportunity for forward-thinking investors".

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Beverly Chandler, Managing Editor

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