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Bitcoin and Ether Lead $17.8B Inflows, Signal Market Recover

Crypto inflows hit a record $17.8 billion YTD, with Bitcoin and Ether leading the surge. This marks a significant potential recovery for the market, driven by US-based investors and anticipation of US Ether ETFs.

1 min 46 secJuly 15, 2024
Bitcoin and Ether Lead $17.8B Inflows, Signal Market Recover

What's the state of the crypto market as we head further into 2024? New numbers from CoinShares point to a big upswing, with digital asset investment products pulling in a whopping $17.8 billion so far this year. This beats the old record of $10.6 billion from 2021, hinting at a possible market comeback. To wrap things up, the crypto market looks to be bouncing back. Bitcoin and Ether are leading the charge with record-breaking money coming in.

 

Last week alone, cryptocurrency investment products saw inflows of $1.44 billion. Notably these inflows came from United States-based buyers. Switzerland also contributed record amounts to digital asset purchases.

 

“Regionally, the US led with US$1.3bn for the week, although the positive sentiment was seen across all other countries, most notable being Switzerland (a record this year for inflows), Hong Kong and Canada with US$58m, US$55m and US$24m respectively.”- CoinShares


Bitcoin Records Fifth-Largest Weekly Inflows

Bitcoin, the world’s first cryptocurrency experienced its fifth-largest weekly inflow on record. Over $1.35 billion flowed into Bitcoin investment products. This helped BTC reclaim the $60,000 mark. What prompted this influx? According to CoinShares, the dip-buying was likely influenced by the German government selling BTC. A positive shift in investor sentiment due to lower-than-expected US CPI figures also played a role.

 

Interestingly short Bitcoin investment products saw their largest weekly outflows since April 2024. The amount totaled over $8.6 million. This trend highlights investors' renewed confidence in Bitcoin’s long-term prospects.

Ether Sees $72 Million in Inflows Ahead of US ETF Launch.

 

 

Ether also saw substantial inflows totaling $72.1 million last week. What’s driving this surge? The anticipation of the first spot Ether exchange-traded fund (ETF) in the US appears to be significant. Industry sources indicate that the SEC may provide final comments on these ETFs early this week. Several issuers, including VanEck and 21Shares, amended their registrations hoping to receive approval. Eight spot issuers are currently awaiting regulatory signoff in the US.

 

As people get excited about the first US Ether ETFs, investors seem ready for what could be a good run. Will this keep going? We'll have to wait and see. But right now, things are looking up, no doubt about it.

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