Latest digital asset fund flows weekly a report CoinShares has provided valuable insights into the current state of cryptocurrency investing.
The report reveals that digital asset investment products recorded inflows totaling $270 million last week, contributing to a record $37.3 billion in inflows for the year.
Despite this overall positive trend, notable differences have been observed between individual cryptocurrencies, highlighting changing sentiment within the digital asset market.
Cryptocurrency fund inflows indicate a shift in the market
One of the most important developments is the difference in investor sentiment between Bitcoin and Ethereum. Bitcoin saw outflows of $457 million, marking its first significant outflows since early September.
James Butterville, head of research at Coinshares, attributed this to “profit taking” activities after Bitcoin got very close to the psychological level of $100,000.
Meanwhile, Ethereum recorded notable inflows of $634 million, bringing its year-to-date total to $2.2 billion and surpassing the previous record of $2 billion set in 2021. This discrepancy highlights renewed investor confidence in Ethereum as it regains momentum in the market. .
Additionally, XRP saw significant inflows totaling $95 million, setting a new record for the asset. Butterville notes that this rally is fueled by optimism surrounding the potential approval of a US exchange-traded fund (ETF) for XRP, strengthening its position in the market.
At the regional level, the United States dominated inflows, with its share reaching $266 million of the total. Other notable contributions came from Hong Kong and Germany, with inflows of $39 million and $12.3 million, respectively.
In contrast, Switzerland and Canada recorded outflows of $26 million and $10 million, reflecting local differences in investor behavior.
Regional data indicates that although the United States remains the main driver of digital asset investments, global interest in cryptocurrencies continues to grow.
Ethereum and Bitcoin performance
While Bitcoin has been in the spotlight in recent weeks by breaking multiple resistance levels and setting all-time highs (ATH), Ethereum also appears to be steadily making its way into the spotlight.
Although Ethereum has yet to surpass its previous ATH, the asset has broken key resistance levels, and is currently trading above $3,600 – an increase of almost 50% from last month.
According to prominent cryptocurrency analyst, Titan of Crypto, on
#Ethereum Highest Course: $7,800 – $9,900? 🚀
In the last session, #Ether The price reached the top near the 141.40% Fibonacci extension.
If history repeats, the high of this cycle could approach $10,000. pic.twitter.com/qnar4UqSW1
– Crypto Giant (@Washigorira) December 1, 2024
Meanwhile, Bitcoin remains a dominant force in the market, trading at $97,130 at the time of writing. This represents a significant increase of 39.8% over the past month, reflecting the leading cryptocurrency’s continued upward momentum.
Featured image created with DALL-E, chart from TradingView
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