Digital asset investment products bounced back last week, drawing in $2.48 billion in inflows after a brief period of outflows.
Key Takeaways:
Digital asset products saw $2.48B in weekly inflows, pushing August’s total to $4.37B. Ethereum led the charge with $1.4B in inflows, while Bitcoin saw continued outflows. Altcoins like Solana and XRP gained momentum on optimism around potential U.S. ETF launches.The surge pushed August’s total inflows to $4.37 billion, bringing the year-to-date figure to $35.5 billion, according to a Monday report by CoinShares.
Crypto Inflows Cool as Core PCE Data Dampens Fed Rate Cut Hopes
Despite the strong showing, momentum slowed on Friday after the release of Core PCE inflation data, which tempered hopes of a Federal Reserve rate cut in September.
The Fed’s preferred inflation gauge, the core Personal Consumption Expenditures (PCE) index, showed a 2.9% annualized rise in July, the highest since February.
The news, coupled with recent price pressure across crypto markets, caused a dip in sentiment and trimmed total assets under management by 10% to $219 billion.
The United States remained the clear leader, accounting for $2.29 billion of last week’s inflows. Switzerland, Germany, and Canada also posted gains of $109.4 million, $69.9 million, and $41.1 million, respectively.
Analysts suggest the Friday pullback likely reflects profit-taking rather than a broader shift in investor sentiment.
Ethereum continued to outperform its peers, attracting $1.4 billion in inflows last week alone. For the month of August, Ethereum has pulled in nearly $4 billion, while Bitcoin posted outflows of $301 million.
Meanwhile, altcoins like Solana and XRP gained further traction on expectations surrounding potential U.S.-based exchange-traded funds (ETFs). Solana recorded $177 million in inflows, while XRP followed with $134 million.
The latest figures show renewed appetite for digital assets, particularly among investors looking for alternatives to Bitcoin and betting on future ETF approvals.
SEC is Reviewing 92 Crypto ETF Applications
As reported, the US Securities and Exchange Commission (SEC) is currently reviewing 92 crypto ETF applications, according to Bloomberg Intelligence analyst James Seyffart.
A detailed spreadsheet published on August 28 shows most of these filings, especially those linked to Solana, XRP, and Litecoin, are facing final decisions by October.
The wave of new applications reflects growing interest in altcoin-focused ETFs and could spark fresh capital inflows into the crypto market.
Solana and XRP are leading the ETF race, with eight and seven pending applications respectively. These altcoins now rank as the most targeted crypto investments after Bitcoin and Ethereum.
The overall count of pending applications has climbed rapidly, from 72 in April to 92 in August, marking a significant uptick in institutional interest and regulatory engagement.
Big names like Grayscale and 21Shares are among the applicants. Grayscale is aiming to convert five of its crypto trusts, including those for Dogecoin and Avalanche, into ETFs.
Meanwhile, 21Shares has filed to launch a spot SEI ETF. The SEC has also clarified that liquid staking does not fall under its direct oversight, offering new possibilities for Ethereum staking ETF proposals currently in the pipeline.
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