In a dynamic week for the digital asset investment landscape, the crypto exchange-traded fund (ETF) market experienced a significant surge, with total inflows reaching an impressive $708 million, reports CoinShares. This boost propelled the year-to-date inflows to a staggering $1.6 billion.
Bitcoin, the flagship cryptocurrency, dominated the scene, comprising a substantial 99% of total weekly inflows. The behemoth saw a remarkable $703 million pouring into its investment products, showcasing sustained investor confidence. However, the spotlight also extended to altcoins, particularly XRP and Cardano, which emerged as standout performers in terms of fund flows.
Tomiwabold OlajideXRP-oriented investment products witnessed a notable turnaround, recording a remarkable $100,000 in fund inflows. This marks a significant victory for XRP, especially when compared to the previous week's outflows of $400,000. The overall year-to-date inflows for XRP now stand at an impressive $3 million.
Cardano, another prominent player in the altcoin space, showcased an even more substantial resurgence. With $600,000 in fund inflows last week, Cardano's performance is nothing short of impressive, especially considering the previous week's outflows of $400,000. The year-to-date inflows for Cardano now total an impressive $5 million.
In comparison to other altcoins, Solana emerges as the sole contender, boasting a commendable $4 million in year-to-date inflows. This places XRP and Cardano at the forefront of the altcoin resurgence, demonstrating their resilience and attractiveness to investors.
Gamza KhanzadaevAs the crypto ETF market continues to evolve, the stellar performance of XRP and Cardano signifies a growing diversification trend among investors. The recent influx not only cements Bitcoin's dominance but also highlights the expanding appeal of altcoins, with XRP and Cardano leading the charge on the digital asset investment landscape.
Alex Dovbnya
U.Today Editorial Team
Vladislav Sopov
Dan Burgin