As a seasoned researcher with a keen eye for trends and a heart that beats for the crypto market, I must admit last week was nothing short of exhilarating. The inflows into digital investment products were reminiscent of a torrential downpour, flooding the global assets under management to an all-time high of $116 billion.
Last week, significant amounts of money kept flowing into cryptocurrency-related investments, as the positive market trends following the elections persisted.
During the period from November 3rd to November 9th, cryptocurrency investment products attracted approximately $1.98 billion, causing the total value of assets under management to reach an all-time high of $116 billion. This information was shared by CoinShares on November 11th.
For five weeks straight now, we’ve experienced an accumulation worth approximately $7.7 billion – which accounts for nearly a quarter (24%) of the total inflows ($31.3 billion) we’ve seen in 2024 up until this point.
Bitcoin ETF trading in the US leads the inflows
Last week, as per our past reports from CoinShares, it was U.S.-listed Bitcoin ETFs (Exchange-Traded Funds) that dominated the influx of investments in cryptocurrency products.
As an analyst, I’m reporting that I’ve observed a significant surge in Bitcoin investments. Specifically, we’ve witnessed inflows amounting to approximately $1.8 billion into Bitcoin-related products. This influx follows a notable trend, with total inflows reaching an impressive $9 billion since the US Federal Reserve reduced interest rates for the first time in four years back in September.
According to James Butterfill, CoinShares’ research director, a favorable economic environment along with significant changes in the U.S. political landscape could be responsible for the optimistic attitude among investors.
In terms of geographical sources, the vast majority of inflows were from the United States, amounting to approximately $1.95 billion. On a smaller scale, Europe witnessed some inflows; Switzerland and Germany contributed around $23 million and $20 million each.
Meanwhile, Swedish investors remained active sellers, recording a total weekly withdrawal of approximately $25.7 million.
Ether ETFs see largest inflows since launch
In the midst of a favorable cryptocurrency climate, I’ve observed that Spot Ethereum (ETH) Exchange-Traded Funds (ETFs) experienced their most significant influx of interest following a period of moderate demand earlier on.
As a researcher, during the initial week of November, I observed substantial inflows into Ether Exchange-Traded Funds (ETFs) to the tune of $157 million. This represents the largest inflow since these particular Ether ETFs commenced trading back in July, signaling a significant positive shift in investor sentiment towards this digital asset class.
Various alternative cryptocurrencies also attracted investments, with Solana’s (SOL) offerings receiving approximately $3.9 million, and Uniswap (UNI) and Tron (TRX) recording inflows of around $1 million and $0.5 million each, respectively.
Instead, it’s worth noting that while others were investing in Bitcoin last week, crypto investors opted for short-selling Bitcoin products, leading to an outflow of approximately $2.7 million.
Over the past week, substantial investments in cryptocurrency pushed Bitcoin’s value to an unprecedented high of over $80,000 on November 10th. Since then, the price has climbed even higher, reaching $82,379 on November 11th, as reported by CoinGecko.
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2024-11-11 15:38