CDS Crypto News Crypto Market Sees Potential Recovery with Record $17.8 Billion Investment Inflows in 2024
Crypto News

Crypto Market Sees Potential Recovery with Record $17.8 Billion Investment Inflows in 2024

84
Crypto Market Sees Potential Recovery with Record $17.8 Billion Investment Inflows in 2024

Crypto Market Sees Potential Recovery with Record $17.8 Billion Investment Inflows in 2024

Inflows into digital asset investment products have reached a new year-to-date (YTD) record of over $17.8 billion, signaling a potential recovery in the crypto market.

This new milestone follows a week where cryptocurrency investment products saw inflows totaling $1.44 billion.

According to data from CoinShares, the YTD inflows for 2024 have soared to $17.8 billion, surpassing the previous record of $10.6 billion set in 2021.

The majority of these inflows are attributed to buyers based in the United States, with Switzerland also recording significant purchases of digital assets. CoinShares reported:

“Regionally, the US led with $1.3 billion for the week, though positive sentiment was observed across all other countries, most notably in Switzerland (a record this year for inflows), Hong Kong, and Canada, with $58 million, $55 million, and $24 million respectively.”

Crypto Market Sees Potential Recovery with Record $17.8 Billion Investment Inflows in 2024

Bitcoin registers fifth-largest week of inflows

Bitcoin experienced its fifth-largest weekly inflow on record, exceeding $1.35 billion. This significant influx propelled the world’s leading cryptocurrency back above the crucial $60,000 mark.

Conversely, short Bitcoin-related investment products saw their largest weekly outflows since April 2024, amounting to over $8.6 million.

Crypto Market Sees Potential Recovery with Record $17.8 Billion Investment Inflows in 2024

The surge in Bitcoin inflows was likely driven by the recent price decline, partly due to the German government’s sale of BTC. CoinShares stated:

“We believe the price weakness caused by the German government’s bitcoin sales and a shift in sentiment due to lower-than-expected CPI in the US prompted investors to increase their positions.”

Crypto Market Sees Potential Recovery with Record $17.8 Billion Investment Inflows in 2024

Ethereum attracts $72 million in inflows ahead of Ether ETF

Ethereum recorded the second-largest inflows after Bitcoin, totaling over $72.1 million for the past week.

These inflows were likely driven by anticipation of the first spot Ethereum exchange-traded fund (ETF) in the US, which could begin trading in the coming weeks.

US spot Ether ETF issuers expect to receive final comments from the Securities and Exchange Commission (SEC) early this week, according to an industry insider.

Several issuers, including VanEck and 21Shares, filed amended registrations this week in hopes of securing the SEC’s final approval to list spot Ether ETFs. Eight spot issuers are currently awaiting regulatory clearance in the US.

Crypto Market Sees Potential Recovery with Record $17.8 Billion Investment Inflows in 2024

Leave a comment

Leave a Reply

Related Articles

2024 US Election Creates Uncertainty, Bitcoin ETFs Face Major Outflows

US Bitcoin ETFs saw a significant $541 million in outflows on November...

USDG Stablecoin: Paxos Teams Up with Robinhood, Kraken, and Galaxy Digital

Paxos has launched the USDG stablecoin, backed by major financial firms like...

Ethereum White Paper Anniversary: From Concept to Global Smart Contract Platform

Ethereum White Paper Anniversary: From Concept to Global Smart Contract Platform

Bitcoin Liquidations Spike: Over $150M in Longs Wiped Out as Price Slides

Bitcoin Liquidations Spike: Over $150M in Longs Wiped Out as Price Slides