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Ethereum’s Streak of Inflows Continues: $1 Billion in 1 Week
The cryptocurrency market has been witnessing a remarkable surge lately, with Ethereum (ETH) being the biggest beneficiary. The latest data reveals that the world’s second-largest cryptocurrency has extended its streak of inflows to seven consecutive weeks, accumulating an impressive $3.7 billion during this period. This surge is not limited to just one week, as last week alone saw a staggering $1 billion in inflows.
This trend reflects improving investor sentiment towards Ethereum and other digital assets, as the market continues to defy expectations. The latest edition of CoinShares’ Digital Asset Fund Flows Weekly Report highlights that overall, digital asset investment products have seen a whopping $3.2 billion in inflows last week. This marks the 10th consecutive week of positive momentum, leading to an astonishing total inflow of $44.5 billion this year alone.
The report also highlights Bitcoin’s (BTC) daily trading volume across all investment types on trusted exchanges, which has doubled compared to the FTSE 100. Interestingly, Bitcoin investment products have contributed a substantial $2 billion to the weekly inflows, reaching an impressive sum of $11.5 billion since the US election.
The streak of inflows in Ethereum is not limited to the altcoin itself, but also extends to other digital assets as well. Inflows for XRP (XRP) were remarkable at $145 million, driven by hopes surrounding a potential US-listed ETF and the imminent debut of Ripple’s newly NYDFS-approved stablecoin RLUSD. Other notable inclusions were Litecoin with $2.2 million, Cardano with $1.9 million, Solana with $1.7 million, Binance with $0.7 million, and Chainlink with $0.7 million.
On the other hand, multi-asset products faced another setback, with outflows of a significant $31 million during this period.
Geographically, all regions saw inflows, with the US being the top performer at $3.14 billion, followed by Switzerland at $35.6 million and Germany at $32.9 million over the past week. Hong Kong contributed $9.7 million, Canada added $4.9 million, Australia provided $3.8 million, while Sweden unfortunately saw outflows of $19 million.
It is essential to note that the data provided by CoinShares highlights the growth of cryptocurrency investment and adoption, with all regions participating in this surge.
Source: cryptopotato.com
