The cryptocurrency market is on an upswing thanks to Ethereum, which surpassed $3,700. This increase positively influenced altcoins.
Record Inflows in Cryptocurrency
Cryptocurrency investment products recorded all-time high inflows of $4.39 billion. Year-to-date inflows reached $27 billion, and assets under management hit a record of $220 billion.
Ethereum's Impact on Altcoins
Ethereum attracted record inflows of $2.12 billion, nearly doubling its previous record. Meanwhile, Bitcoin also saw $2.2 billion in inflows. Other altcoins like XRP and Solana also saw inflows, but in smaller amounts.
Regional Inflows and Outflows
The USA topped the list of regions with an inflow of $4.36 billion. Following were Switzerland with $47 million and Hong Kong with $14.1 million. Meanwhile, Brazil and Sweden experienced outflows of $28.1 million and $21 million respectively.
Current inflows into the cryptocurrency market, especially towards Ethereum and altcoins, signal a growing interest among investors, potentially heralding new changes in the crypto industry.
