As Bitcoin (BTC) and altcoins continue to struggle with declines, Coinshares released its weekly cryptocurrency report, reporting that $1.3 billion worth of inflows occurred last week.
“Crypto investment products saw total inflows of $1.3 billion last week. This marked the fifth week of gains in a row, bringing year-to-date inflows to $7.3 billion.”
Ethereum Takes Center Stage Instead of Bitcoin This Week!
When looking at individual crypto funds, it was seen that the majority of inflows were in Ethereum rather than Bitcoin.
BTC saw an inflow of $407 million, while Ethereum (ETH) saw an inflow of $793 million.
When we look at other altcoins, XRP experienced an inflow of $21 million, Cardano (ADA) $2.6 million, and Solana (SOL) $11 million.
“Bitcoin saw an inflow of $407 million.
But Ethereum stole the show this week, with its price recently falling to levels close to $2,100, prompting significant buying on weakness; with inflows totaling $793 million, it has surpassed Bitcoin for the first time this year.
Other notable entries were XRP and Solana, which generated $21 million and $11 million in revenue, respectively.
When looking at regional fund inflows and outflows, it was seen that the USA ranked first with an inflow of 474 billion dollars.
After the US, Switzerland and Germany also saw notable inflows with $57.9 million and $22.3 million respectively.
Against these inflows, Canada experienced an outflow of $43.9 million.
*This is not investment advice.
