Ethereum and XRP soar with $270 million inflow as investors flock to altcoins
The post Ethereum and XRP soar with $270 million inflow as investors flock to altcoins appeared on BitcoinEthereumNews.com.
Digital asset investment products experienced their second-lowest weekly inflows in the past eight weeks, totaling $270 million, according to CoinShares‘ latest fund flow report. This brings the total year-to-date inflow to $37.3 billion. James Butterfill, Head of Research at CoinShares, highlighted an unusual contrast in the flows across different assets within the class. He noted that the minimal inflow was partly due to the impact of newly launched options on products. Despite their high initial volumes, options on US ETFs have not driven a comparable rise in ETP volumes, which dropped from $34 billion the previous week to $22 billion. Ethereum, XRP outperforms Bitcoin. While Bitcoin has been the market’s standout performer over the past year, large-cap alternative digital currencies like Ethereum and XRP outperformed the flagship digital asset last week. According to the CoinShares report, Bitcoin faced its first significant outflow since early September, with $457 million flowing out. This outflow likely reflects profit-taking amid Bitcoin’s recent rally toward $100,000. In contrast, Ethereum has experienced a strong turnaround, attracting $634 million in inflows. This boosted its year-to-date inflow to $2.2 billion, surpassing the $2 billion it received in 2021. XRP also saw a record inflow of $95 million, driven by growing optimism around the asset and expectations of a potential XRP ETF launch in the US. Notably, XRP’s price reached a seven-year high after it surpassed $2, and its market capitalization hit a new peak of over $150 billion. US, Hong Kong lead flows. Regionally, the US led with $266 million in inflows, followed by Germany with $12.3 million. Switzerland and Canada experienced small outflows totaling $26 million and $10 million, respectively. In Hong Kong, crypto ETPs saw a notable $39 million in inflows, driven by the strong performance of Bitcoin ETFs. According to SoSo Value data, the three…
Filed under: News - @ December 2, 2024 4:16 pm