Connect with us

Hi, what are you looking for?

Cryptocurrency

Crypto investment products see $3.2 billion in inflows, marking ten weeks of growth

Crypto investment products saw $3.2 billion in inflows last week, extending their streak to ten weeks. Bitcoin remained the dominant engine, but Ethereum and altcoins such as XRP and Polkadot also saw large investments, indicating increased investor confidence.

Crypto investment products continued their extraordinary upward trend, with inflows totaling $3.2 billion over the preceding week. This is the tenth consecutive week of upward momentum, indicating growing investor confidence in the digital asset market.

The current spike extends an extraordinary record that has taken total inflows this year to $44.5 billion. Notably, these ten weeks alone contributed more than $20 billion, accounting for roughly half of the year’s inflows, establishing 2024 as a remarkable year for cryptocurrency investments.

Bitcoin Leads the Charge.Bitcoin continues to dominate the market, collecting $2 billion in inflows this week. Investor interest in Bitcoin has increased following recent price rises, with short Bitcoin products also experiencing activity, albeit on a smaller scale.

Ethereum followed suit, posting its ninth straight week of positive inflows. Last week, ether-based goods received $1 billion, increasing the total inflows for this period to $3.7 billion. This steady growth reflects renewed confidence in Ethereum’s long-term prospects.

Altcoins Gain Traction.The appetite of investors extended beyond Bitcoin and Ethereum. Altcoins like XRP, Polkadot, and Litecoin saw significant inflows. XRP stood out with $145 million in investments, most likely due to increased speculation about future ETF opportunities. Polkadot and Litecoin both attracted investor interest, with inflows of $3.7 million and $2.2 million, respectively.

Regional HighlightsThe United States led worldwide inflows with $3.1 billion last week. Switzerland and Germany followed, with $35.6 million and $33 million, respectively. In contrast, Sweden was the only region to register outflows of $19 million.

The continued increase in inflows reflects growing institutional and retail confidence in the cryptocurrency market, indicating a larger trend toward digital asset usage.

With Bitcoin and Ethereum leading the way and altcoins gaining traction, the crypto sector is poised for one of its strongest years yet.

author avatar
Alex
Formally freelance blogger Alex is passionate writer with interest in Finance and Business, fascinated about crypto following news and covering stories.
Advertisement

You May Also Like

Cryptocurrency

In a significant turn for the cryptocurrency industry, the US Securities and Exchange Commission (SEC) is no longer moving forward with its inquiry into...

Cryptocurrency

Though European banks are unable to keep up with the demand, the crypto market is attracting more attention these days. Though consumer and business...

Cryptocurrency

A court has tentatively lifted the three-month ban on Upbit, the largest digital asset exchange in South Korea, marking a significant development for the...

Cryptocurrency

Paul Atkins, the nominee for SEC Chair, came under fire during a fraught Senate Banking Committee hearing for his ties to the crypto business...

polkadot
Polkadot (DOT) $ 4.01 0.76%
bitcoin
Bitcoin (BTC) $ 83,264.31 1.29%
ethereum
Ethereum (ETH) $ 1,824.29 2.04%
cardano
Cardano (ADA) $ 0.64831 2.74%
xrp
XRP (XRP) $ 2.05 1.96%
stellar
Stellar (XLM) $ 0.26239 1.27%
litecoin
Litecoin (LTC) $ 83.61 2.03%