As a seasoned crypto investor with a knack for spotting trends and navigating market volatility, I must admit last week was quite the rollercoaster ride. The inflows into cryptocurrency investment products reached an all-time high, with Bitcoin and Ethereum leading the charge. It’s like watching a bull run in the wild West, only this time, it’s digital gold we’re chasing!
Last week, there was an unprecedented surge in investments towards cryptocurrency funds, with a total of $3.85 billion being poured in. This influx occurred during a period when the cryptocurrency market experienced a significant rally, causing the price of Bitcoin to momentarily surpass $100,000 before it adjusted downwards.
Last week, Bitcoin-centric investment funds experienced an influx of approximately $2.56 billion, marking a new peak. Meanwhile, products providing access to Ethereum’s Ether, the second most valuable cryptocurrency by market capitalization, attracted around $1.15 billion, according to the latest CoinShares’ Digital Asset Fund Flows report.
Reports indicate that investment products related to XRP, the native token of the XRP Ledger, saw approximately $134.3 million flow in during this period, making up nearly half of the total $275 million inflow so far this year.
Over the last week, the value of XRP increased significantly by more than 11%, reaching close to a peak of $2.65 before subsequently dropping with other digital currencies. In the past month alone, XRP experienced an impressive spike, rising by approximately 337% from around $0.55 up to $2.9 high. Currently, XRP is being traded at roughly $2.4.
Investment options linked to Cardano‘s ADA cryptocurrency, witnessing a notable price increase during the preceding 30 days, attracted approximately $5.2 million in investments. This amount represents roughly a quarter of the total investments these products have received in the current year.
Among other digital currencies like Binance Coin (BNB), Litecoin, and Chainlink, investments ranged from approximately $2.2 million to $0.7 million. In contrast, investment products that bet against Bitcoin, the leading cryptocurrency, experienced inflows totaling around $6.2 million.
According to the report, it was found that there were withdrawals for products linked to various digital assets and the well-known smart contract platform Solana. The amounts withdrawn were approximately $6.3 million for the former and $14.1 million for the latter.
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2024-12-10 02:35