Main navigation

Crypto Flows Top $321 Million, BTC, ETH and XRP Stun Market

Advertisement
Mon, 23/09/2024 - 14:53
Crypto Flows Top $321 Million, BTC, ETH and XRP Stun Market
Cover image via www.freepik.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

The performance of digital assets shocked market watchers as different products witnessed a significant second week of positive inflows. The crypto space recorded a massive $321 million to stay green at the close of trading.

ETF products propel Bitcoin’s success

Some have attributed this surge to the 50-basis-point interest rate cut by the U.S. Federal Open Market Committee (FOMC). In a chart showing flows of different assets, Bitcoin topped the list, with $284 million to justify its title as the world’s leading cryptocurrency. On the other hand, Ethereum recorded a fifth successive week of outflows to approximately $29 million.

Related

Other single-digit performers are Multi-Asset, whose weekly inflow stood at $54.2 million. This leaves a huge distance to short Bitcoin and Solana, with entries of $5.1 million and $3.2 million, respectively.

Notable spot Bitcoin ETF products that contributed heavily to the inflows include Fidelity and Ark 21Shares, which had $138 million and $102 million, respectively. Others include Bitwise ETF and BlackRock iShares, which had $67 million and $30 million, respectively. Grayscale Investments remained in the financial woods with a significant outflow of $65 million.

The United States remains in the leading position regarding exchanges, with the highest inflows in the past week. The U.S. recorded $277 million in inflows, compared to second-placed Switzerland's $63.4 million.

However, exchanges in Germany, Sweden, Canada and Hong Kong saw outflows of $9.5 million, $7.8 million, $2.3 million and $1.3 million, respectively.

Ethereum and XRP show mixed results

Ethereum, the only altcoin with a spot ETF product, registered its fifth successive outflow, largely due to persistent outflows from Grayscale Trust. Other products have not recorded significant inflows to cancel out the outflows.

Related

Meanwhile, Solana has maintained consistency in its inflows. Last week, its total performance stood at $3.2 million. Although two asset managers – VanEck and 21Shares – have filed for a Solana ETF with the regulatory authority, notable experts believe the next U.S. president will likely influence approval.

While Ethereum and Cardano registered outflows, XRP stayed green with an inflow of $0.1 million. However, at the time of writing, the XRP price had dipped by 1.16% to trade at $0.5867. Market volume was also down by 14.51% to $968,589,368 in the past 24 hours.

Related articles

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD