- Crypto investment products saw $3.2 billion inflows last week, bringing total assets to $44.5 billion
- Bitcoin led with $2 billion inflows – Ethereum maintained momentum last week with $1 billion.
Cryptocurrency investment products have been putting on an impressive performance lately, registering inflows of more than $3.2 billion in the past week. This marked their tenth consecutive week of positive momentum.
This increase has brought total assets under management to an impressive $44.5 billion, as shown in CoinShare’s recent report report.
How did the leading cryptocurrency perform?
As expected, Bitcoin [BTC] investment products remained dominant, attracting more than $2 billion in inflows. Ethereum [ETH]-focused products followed closely behind, raking in $1.089 billion and contributing to a total of $4.44 billion this year.
The steady influx highlighted growing investor interest in digital assets, indicating increasing confidence in the cryptocurrency market amid changing financial landscapes.
Could altcoins provide good competition?
Ethereum maintained its upward trajectory, marking its seventh consecutive week of inflows and accumulating $3.7 billion during the period, adding $1 billion last week.
Among other altcoins, XRP stood out, with $145 million inflows as optimism around a potential US-listed ETF grew.
Further boosting sentiment was Ripple’s stablecoin RLUSD, which recently received approval from New York’s financial regulator. This can be interpreted as a sign of increasing institutional confidence in alternative digital assets.
Moreover, Litecoin attracted $2.2 million, while Cardano [ADA] and Solana [SOL] saw inflows of $1.9 million and $1.7 million, respectively. From their side, Binance Coin and Chainlink generated modest inflows of $0.7 million each.
Despite these gains, however, multi-asset products suffered setbacks, recording outflows of $31 million. This underlined investors’ changing preference for single-asset-oriented investments.
National analysis
Here it is worth pointing out that the cryptocurrency market continued its positive momentum in the global regions, with US inflows leading the way with $3.14 billion.
Switzerland and Germany followed with inflows of $35.6 million and $32.9 million respectively, while Brazil contributed a solid $24.7 million. Further support came from Hong Kong, Canada and Australia, adding $9.7 million, $4.9 million and $3.8 million.
On the contrary, Sweden bucked the trend and recorded an outflow of $19 million.
Credit : ambcrypto.com
