- Crypto investment products hit $3.85 billion in weekly inflows, breaking previous records.
- XRP leads altcoins with $134.3 million inflows, while Cardano attracts $5.2 million.
As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I find myself consistently amazed by the relentless growth and evolution of this sector. The recent surge in crypto investment products breaking all-time highs with $3.85 billion in weekly inflows is a testament to the growing interest and confidence in digital assets.
In the past week, digital currency investment products have smashed previous records, attracting an astounding $3.85 billion, according to a recent report by CoinShares on the movement of funds in the digital asset sector.
This increase has pushed the total investments for this year up to a remarkable $41 billion, and the total assets being managed have skyrocketed to a staggering $165 billion.
It’s noteworthy that these numbers indicate a substantial increase over the records established in 2021, with a grand total of $10.6 billion in inflows and approximately $83 billion in Assets Under Management (AuM).
How did Bitcoin and Ethereum perform?
In a significant development, investments in Bitcoin (BTC) related products totaled approximately $2.56 billion, while Ethereum (ETH) saw an unprecedented $1.15 billion flow into investment products. This trend highlights the increasing interest among investors to gain exposure to prominent cryptocurrencies.
The report noted,
Recently, Bitcoin received approximately $2.5 billion, raising its year-to-date total to about $36.5 billion. Conversely, short positions on Bitcoin have only seen minimal investments of $6.2 million. Typically, we observe larger inflows following significant price increases, which indicates that investors are currently hesitant to bet against the recent strong upward trend in Bitcoin’s price.
In the realm of cryptocurrencies, I’ve just checked the latest stats from CoinMarketCap and found that Bitcoin is currently exchanging hands at approximately $97,270.30. This figure represents a decrease of about 1.27% compared to its price in the previous 24-hour period.
Whereas, ETH was trading at $3,697.06 after a drop of 4.08% in the same period.
XRP steals the spotlight
Moreover, there was a significant increase of approximately $134.3 million in investment funds associated with Ripple‘s XRP, the digital token from the XRP Ledger, last week. This inflow accounted for around 48% of the total year-to-date investment of $275 million, as reported by CoinShares.
Over the past week, the value of XRP has noticeably increased by more than 11%, peaking at approximately $2.65, only to be affected by broader market adjustments.
For the last month, the value of this cryptocurrency has shown an extraordinary increase, jumping up by around 337%, with its price rising from about $0.55 to a maximum of $2.9.
Currently, one XRP is being exchanged for approximately $2.16, showing some resistance due to a decrease of 9.75% in its value over the last day, according to CoinMarketCap’s latest report.
Other crypto investment products analyzed
It’s worth mentioning that Cardano’s ADA investment products remained popular, drawing in approximately $5.2 million during this period, which made up about a fourth of the entire year’s inflows for such assets.
As a crypto investor, I’ve seen significant interest in altcoins like Binance Coin (BNB), Litecoin (LTC), and Chainlink (LINK). These coins have attracted investment inflows varying from approximately $0.7 million to $2.2 million.
It’s noteworthy that there were investments totaling $6.2 million into brief Bitcoin investment options, indicating a range of opinions within the market.
On the other hand, while some altcoins experienced inflows, there were also outflows reported in multi-asset investment products and Solana [SOL]-centric offerings, amounting to $6.3 million and $14.1 million in outflows respectively.
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2024-12-11 02:16