Last week, net inflows of $6 million were reported in cryptocurrency-based investment products. Investor sentiment remains mixed, but signs of recovery are apparent.
Increased Inflows from Europe and Canada, Outflows from the U.S.
According to CoinShares, a significant outflow of $71 million from U.S.-based cryptocurrency investment products was noted, marking the highest regional outflow for the week. Meanwhile, Europe presents a more optimistic picture, with inflows totaling $43.7 million in Switzerland, $22.3 million in Germany, and $9.4 million in Canada, suggesting regaining confidence among regional investors.
XRP Shines as Inflows Surge, Ethereum Sees Deepening Outflows
In terms of specific cryptocurrencies, Bitcoin closed the week with a slight outflow of $6 million, indicating investor uncertainty. Ethereum continued to experience outflows, with $26.7 million leaving Ethereum-based investment products last week, leading to total outflows of $772 million over the past eight weeks. Conversely, XRP exhibited a significant performance, witnessing inflows of $37.7 million, totaling $214 million for the year.
Overall Trends in the Crypto Market
The trends in the crypto market illustrate a mixed picture, with an overall outflow of $146 million amid negative macroeconomic signals. Nevertheless, the balanced flows throughout the week indicate sustained interest in cryptocurrency-based investment products.
Against a backdrop of mixed signals, XRP garners substantial investor attention, while Ethereum continues to face outflows, raising interest in future trends in the cryptocurrency market.
