Digital Asset Investment Products Attract Inflows for Third Consecutive Week

0


This article has been republished with permission from Binance News.

According to CryptoPotato, digital asset investment products have attracted inflows for the third week in a row, totaling $15 million, although trading volumes remain 27% below the 2023 average. Over the past week, Bitcoin saw inflows of $16 million, bringing the year-to-date inflows to $260 million, while short BTC products also received $1.7 million.

Altcoins, however, did not have a great week, according to the latest edition of CoinShares’ “Digital Asset Fund Flows Weekly Report.” Digital asset investment products dedicated to Tezos, Litecoin, and Chainlink experienced outflows amounting to $0.25 million, $0.28 million, and $0.31 million, respectively. The past week was less favorable for the world’s largest altcoin, Ethereum, as well, recording outflows of $7.5 million. This is despite the fact that the market saw a flurry of nine Ethereum-based futures ETFs being approved by the United States Securities and Exchange Commission (SEC) in recent weeks.

XRP-dedicated investment products, on the other hand, continued to serve as an outlier among fellow altcoins as they received modest inflows of $0.42 million, marking the 25th consecutive week of inflows this year. These consistent inflows highlight strong support from the investment community, particularly in light of successful legal challenges against the SEC. Moreover, the regional disparity remains persistent, with the United States continuing to experience limited inflows, while Europe saw net inflows totaling $7 million last week. Interestingly, Sweden was the sole country in Europe to register outflows during this period.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *