Crypto Market Sees $17.8B Inflows: A Sign of Recovery?
The cryptocurrency market is showing signs of life, with a record-breaking $17.8 billion in inflows year-to-date (YTD). This surge in investment is attributed to United States-based buyers, with Switzerland also investing record amounts of digital assets.
Bitcoin sees fifth-largest week of inflows
Bitcoin, in particular, saw its fifth-largest week of inflows on record, amounting to over $1.35 billion. This influx helped the world’s first cryptocurrency rebound above the significant $60,000 mark. According to CoinShares, the price weakness due to the German government selling BTC and a turnaround in sentiment due to lower-than-expected CPI in the US prompted investors to add to positions.
Meanwhile, short Bitcoin-related investment products experienced their largest weekly outflows since April 2024, totaling over $8.6 million.
Ether Sees $72 Million Inflows Ahead of US ETF Launch
Ether (ETH) had the second-largest inflows after Bitcoin, totaling over $72.1 million for the past week. The growing inflows likely came in anticipation of the first spot Ethereum exchange-traded fund (ETF) in the US, which could launch for trading as soon as the next few weeks.
Ether ETFs on the move
US spot Ether ETF issuers are expecting to receive final comments from the Securities and Exchange Commission (SEC) by early this week, according to an industry source familiar with the matter.
A New Record for Crypto Investments
The new record of $17.8 billion in inflows for 2024 significantly surpasses the previous record of $10.6 billion set in 2021. This surge in investment is a promising sign for the crypto market, indicating a potential recovery.
Crypto investment on the rise
As investors continue to add to their positions, the question remains: will this trend continue? Only time will tell, but one thing is certain - the crypto market is showing signs of life.
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