While Bitcoin and altcoins had a good start to the week, CoinShares published its weekly cryptocurrency report.
CoinShares stated in its report that there were inflows this week as well, and that there was a total inflow of 15.2 million dollars in the third week.
“Cryptocurrency investment products saw total inflows of $15 million for the 3rd week in a row, but transaction volumes remained 27% below the 2023 average.”
What's the Situation with Bitcoin and Altcoins?
When looking at crypto funds individually, it was seen that the majority of fund inflows were in Bitcoin.
While BTC experienced an inflow of 16.4 million dollars last week, the largest altcoin Ethereum (ETH) experienced an outflow of 7.4 million dollars, unlike the inflow of 10.2 million dollars last week.
There was an inflow of $1.7 million in the Bitcoin Short fund, which was indexed to the decline of BTC.
“Bitcoin saw inflows of $16 million last week, bringing year-to-date inflows to $260 million. The Short Bitcoin fund also saw inflows of $1.7 million last week.”
The situation in Solana, which shines with the inflows it experienced throughout the year, did not change this week and SOL experienced an inflow of 3.7 million dollars in the last week, although not as much as in the previous week.
“Last week was not positive for altcoins overall, with Tezos, Litecoin and Chainlink seeing outflows of $0.25 million, $0.3 million and $0.31 million respectively.
However, XRP saw modest inflows of $0.42 million. This marks the 25th consecutive week of entry into XRP this year. The consistent inflows underscore the investment community's support, especially given the successful legal challenges against the SEC.
Ethereum has not received much appetite from investors, with outflows of $7.5 million last week correcting most of the inflows seen the previous week, despite the recent launch of a futures-based ETF.”
Looking at regional fund inflows and outflows, Germany ranks first with a fund inflow of 16.1 million dollars, while Canada ranks second with an inflow of 3.5 million dollars; The USA ranked third with an entry of $2.1 million.
Against these inflows, Sweden was the only country that experienced an outflow of 7.5 million dollars.
*This is not investment advice.