The post Bitcoin Attracts $3 Billion Weekly Inflows as Prices Neared $100K Milestone appeared on BitcoinEthereumNews.com.

Digital asset investment products experienced a record-breaking week, with $3.13 billion in inflows, pushing total investments since mid-September – the start of US interest rate cuts – to $15.2 billion. According to CoinShares, year-to-date inflows have soared to $37 billion, thereby setting a new milestone and outshining the initial success of US Gold ETFs, which attracted only $309 million in their first year. Bitcoin ETFs continued to shine, with the largest inflows on record last week. With Bitcoin prices climbing to new heights and edging closer to $100k, the cryptocurrency saw $3 billion in inflows, highlighting strong investor demand. However, this bullish momentum was accompanied by a notable uptick in short-Bitcoin investments, which saw $10 million in weekly inflows. Over the month, inflows into short-Bitcoin products reached $58 million, representing the highest monthly total since August 2022. In its latest report, CoinShares revealed that Solana led the altcoin pack last week with $16 million in inflows, far surpassing Ethereum’s $2.8 million, though it continues to trail the latter’s year-to-date performance. Meanwhile, XRP, Litecoin, and Chainlink each saw significant inflows, reaching $15 million, $4.1 million, and $1.3 million, respectively. Cardano, too, garnered a modest inflow of $0.7 million during the same period. In contrast, multi-asset investment products suffered outflows for the second week in a row, with a total of $10.5 million exiting the market. While the United States recorded $3.2 billion in inflows, profit-taking activities in Sweden, Germany, and Switzerland led to outflows of $84 million, $40 million, and $17 million, respectively, following recent price surges. Brazil also experienced a significant outflow of $12.5 billion, further dampening the global picture. However, Canada, Hong Kong, and Australia offered a silver lining, drawing inflows of $31 million, $30 million, and $9 million as market sentiment turned positive in these regions. SPECIAL OFFER (Sponsored)…

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Filed under: News - @ November 25, 2024 9:21 pm