Advertisement
AD

Main navigation

XRP, Bitcoin, Cardano: Crypto Funds Catch Major Inflow Wave

Advertisement
Mon, 6/11/2023 - 15:30
XRP, Bitcoin, Cardano: Crypto Funds Catch Major Inflow Wave
Cover image via www.freepik.com
Read U.TODAY on
Google News
Contents
Advertisement

The latest data from CoinShares indicates a substantial surge in capital inflows into cryptocurrency funds. For the sixth consecutive week, digital asset investment products have amassed inflows, this time amounting to $261 million.

This influx has brought the total for the past six weeks to $767 million. This figure eclipses the $736 million seen throughout the entire year of 2022. 

The current streak of investment enthusiasm matches levels last observed in July 2023 and stands as the most pronounced since the bull market's zenith in December 2021.

Breakdown of inflows by specific cryptocurrencies

Bitcoin has been the predominant magnet for these inflows, attracting $229 million and advancing its year-to-date influx to $842 million.

This robust uptick is possibly spurred by the increased probability of the U.S. approving a spot-based Bitcoin ETF. 

Related
XRP Reaches Crucial Price Level

In contrast, short-Bitcoin investments, which bet against the currency's value, have also seen a smaller, yet notable, inflow of $4.5 million, indicating that some investors are skeptical about the sustainability of the recent price rally.

Ethereum has witnessed its most substantial inflows since August 2022, amounting to $17.5 million. This indicates a reversal of fortunes after a prolonged period of capital outflows totaling $107 million this year. 

Among other alternative coins, Solana has experienced inflows of $11 million, with Chainlink drawing $2 million, representing a notable 17% of its total assets under management. Smaller yet positive inflows were noted for Polygon, Cardano and XRP, with $0.8 million, $0.5 million and $0.2 million, respectively.

Breakdown by geography

Geographical analysis reveals a pronounced pivot in investor activity, especially among U.S. investors who led with inflows of $157 million. 

This is an inflection from prior trends and may reflect a growing appetite for digital assets within the region. 

European countries like Germany and Switzerland, along with Canada, continue to display steady investment, contributing inflows of $63 million, $36 million and $9 million, respectively.   

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

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

Popular articles