The post Crypto funds witness $436M inflows after two weeks of outflows: Bitcoin leads the pack appeared on BitcoinEthereumNews.com.

Bitcoin led the recovery rally as crypto investment products experienced a reversal after two weeks of consecutive outflows totaling $1.2 billion. Data shows that inflows reached $436 million. According to the latest report from CoinShares, the surge in inflows towards the end of the week was primarily due to market expectations for a potential 50 bps rate cut on September 18th. This change in sentiment followed comments from former NY Federal Reserve President Bill Dudley. Bitcoin enjoyed $436 million in inflows CoinShares mentioned that trading volumes in ETFs stood flat in the past week at $8 billion. This is considerably lower than the average of $14.2 billion in 2024. Bitcoin enjoyed most of this renewed investor interest with $436 million in inflows. This is after experiencing a 10-day run of outflows totaling $1.18 billion. Conversely, short-bitcoin products saw outflows of $8.5 million. This was a reversal of a three-week trend of inflows. However, the story was different with Ethereum. Investment products tethered to the number one altcoin experienced outflows of $19 million. CoinShares attributes this negative sentiment to concerns over Layer 1 profitability following recent developments. In contrast, Solana saw its fourth consecutive week of inflows, totaling $3.8 million. US-based products enjoyed $416 million in inflows Overall, it appears that crypto investment products finally moved in a positive direction after two weeks of consecutive outflows. In terms of regional comparison, the United States witnessed $416 million in inflows. Switzerland and Germany also witnessed inflows of $27 million and $10.6 million respectively. However, Canada saw outflows of $18 million. The crypto market started off on a negative note on Monday. CoinMarketCap data shows that market cap has dropped 2.6% in the last 24 hours. Bitcoin is down by 2.2% in the last 24 hours and is trading at $58,690. Bitcoin has…

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Filed under: News - @ September 16, 2024 12:20 pm