While Bitcoin moves sideways, Ethereum continues its rise. At this point, while investors were wondering how the market would move, Coinshares published its weekly cryptocurrency report.
Stating that it experienced an inflow of $598 million into cryptocurrency investment products last week, Coinshares said that the inflows continued and it was the fourth consecutive week.
When looking at crypto funds individually, it was seen that the majority of fund inflows were in Bitcoin.
BTC experienced inflows of $569 million, representing over 90% of all inflows, while the largest altcoin, Ethereum (ETH), saw inflows of $16.8 million.
There was an inflow of $3.9 million in the Bitcoin Short fund, which was indexed to the decline of BTC.
When we look at other altcoins, Litecoin (LTC) experienced an inflow of 1.0 million dollars and XRP experienced an inflow of 1.1 million dollars; Solana (SOL) experienced a $3.0 million exit.
“Bitcoin saw inflows of $570 million last week, with year-to-date inflows reaching $5.6 billion, but recent price increases have led to small inflows into short Bitcoin positions, totaling $3.9 million.
Ethereum saw inflows of $17 million last week, while Chainlink and XRP saw inflows of $1.8 million and $1.1 million respectively. Recent outages at Solana likely impacted sentiment and ultimately resulted in an outflow of $3 million.”
When looking at regional fund inflows and outflows, it was seen that the USA ranked first with an inflow of 609 million dollars.
After the USA, Brazil ranked second with 8.2 million dollars.
Against these inflows, Canada experienced an outflow of 17.8 million dollars.
*This is not investment advice.