As Bitcoin moves between $66,000-$67,000, this week investors are focused on the SEC's decision on spot Ethereum ETF applications.
At this point, while the market was generally dominated by the expectation of rejection, Coinshares published its weekly cryptocurrency report.
Stating that there was an inflow of 932 million dollars in cryptocurrency investment products last week, Coinshares said that these inflows corresponded to the interest rate cut expectation and positive CPI data.
“A total of $932 million was seen in inflows into cryptocurrency investment products in the second week.
The entries were an immediate response to the CPI report; The last 3 trading days of the week accounted for 89% of total flows.
“Grayscale, which has experienced $16.6 billion in outflows since its ETF launch in January, also saw small inflows for the first time.”
Ethereum (ETH) Continues to Show a Downtrend!
When looking at crypto funds individually, it was seen that the majority of fund inflows were in Bitcoin.
While BTC experienced an inflow of $942 million, the largest altcoin Ethereum (ETH) continued to outflow and experienced an outflow of $23.3 million.
The short BTC fund indexed to Bitcoin's decline saw an inflow of $0.6 million.
When we look at other altcoins, Chainlink (LINK) experienced an inflow of $ 3.7 million, Cardano (ADA) $ 1.9 million and Solana (SOL) $ 4.9 million.
“Bitcoin saw inflows of $942 million, indicating a positive outlook among investors.
A wide variety of altcoins have seen inflow; the most notable of which were Solana, Chainlink, and Cardano, which saw $4.9 million, $3.7 million, and $1.9 million, respectively.
“Ether continues to trend lower as it saw $23 million in outflows this week due to the possibility of a spot-based ETF being rejected by the SEC.”
When looking at regional fund inflows and outflows, it was seen that the USA ranked first with an inflow of 1 billion dollars.
After the USA, Switzerland ranked second with 27.1 million dollars.
Against these inflows, Hong Kong received 82.5 million dollars; Kamada, on the other hand, experienced an outflow of 16.7 million dollars.
*This is not investment advice.
