Institutional Investors Continue 8-Week Streak of Inflows into Crypto Assets, with BTC, ETH, XRP, SOL, and ADA Leading the Way
Crypto News – Crypto asset investment products have experienced eight consecutive weeks of significant inflows, amassing a total of $176 million. The primary beneficiaries of this sustained interest have been Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Solana (SOL), and XRP.
These inflows reflect a remarkable trend in institutional buying within the crypto market. CoinShares reported this development on November 20, highlighting a substantial surge in trading volumes, averaging 11%, compared to the long-term historical average of 3.4%.
Bitcoin, in particular, continues to attract substantial investment, possibly driven by speculations surrounding the approval of spot Bitcoin ETFs. Bitcoin witnessed $155 million in inflows, while short Bitcoin products also received $8.5 million, albeit with a slight decrease compared to previous weeks.
Altcoins experienced mixed performance during the week, but Ethereum, Solana, Cardano, and XRP continued to attract investment. Notably, Solana received $13.6 million, Ethereum garnered $3.3 million, and Avalanche saw $1.8 million in inflows. XRP sustained its streak of consecutive weekly inflows following Ripple’s partial victory against the U.S. SEC.
Key players in the crypto asset investment sector, such as CoinShares Digital Securities, 21Shares AG, and Purpose Investments, reported significant gains, with growing investor interest in Germany, Switzerland, and Canada. Meanwhile, the United States saw its first record selloff in recent weeks.
Investors in the crypto market remain cautious, particularly after the selloff observed in response to BlackRock’s Ether Trust filing. Nevertheless, artificial intelligence (AI) tokens experienced robust buying activity, likely bolstered by the resolution of the OpenAI saga, which concluded with Sam Altman and his team joining Microsoft.
In recent news, the price of Bitcoin surged by 2% following the victory of pro-Bitcoin presidential candidate Javier Milei in Argentina’s election. As of now, Bitcoin is trading at $37,145, with a 24-hour low and high of $36,414 and $37,509, respectively. The trading volume has also increased by 40% in the last 24 hours, indicating heightened interest among traders.
This week, the FOMC Minutes is the primary macro event to watch, with Federal Reserve officials adopting a dovish stance on interest rates.