Bitcoin, Ethereum and XRP Lead as Crypto Products See $308M Inflows Despite Market Slump
The post Bitcoin, Ethereum and XRP Lead as Crypto Products See $308M Inflows Despite Market Slump appeared on BitcoinEthereumNews.com.
Crypto investment products saw decent capital inflows last week, with Bitcoin, Ethereum and XRP leading, despite the market turbulence. For context, the crypto market is grappling with a major correction, with Bitcoin tumbling from its all-time high of $108,000 to the current price of $94,980. This drop has reverberated across the scene, bringing the global market capitalization down to $3.28 trillion. Hawkish remarks from Federal Reserve Chair Jerome Powell fueled bearish sentiment. Despite this downturn, the latest fund flow report from CoinShares confirms that crypto investment products managed net inflows of $308 million last week. This resilience contrasts with sharp outflows of $1 billion during the final two days of the week, including $576 million on December 19 alone. Even with these withdrawals, weekly inflows remained positive, confirming investor optimism in leading assets like Bitcoin, Ethereum, and XRP. However, recent corrections shaved $17.7 billion off the total assets under management (AUM) for digital asset products. Bitcoin, Ethereum, and XRP Dominate Asset Flows Bitcoin emerged as the top choice for investors, recording $375 million in weekly inflows and $5.04 billion for the month. Ethereum followed, attracting $51.3 million over the week and $2.3 billion in December. Meanwhile, XRP secured $8.8 million in inflows for the week and $288.8 million for the month. Crypto Flows by Asset However, multi-asset products suffered the largest weekly outflows of $121.4 million. This confirms a shift toward investments in individual crypto assets. Interestingly, Solana also recorded negative flows, with $8.7 million in weekly outflows despite positive reports around a staking ETP in Europe. Investment Providers See Mixed Results Among providers, BlackRock’s iShares ETFs led with impressive weekly inflows of $1.59 billion and monthly inflows of $6.83 billion. In an interesting turn of events, BlackRock’s products were the only ones that recorded net inflows last week. Crypto…
Filed under: News - @ December 23, 2024 7:16 pm