Last week witnessed significant investment in cryptocurrency products, with a focus on Ethereum, while Bitcoin experienced outflows.
Historic Inflows into Ethereum
According to the latest report by CoinShares, the past week saw $1.9 billion flow into cryptocurrency investment products, marking the 15th consecutive week of positive inflows. Total inflows since the beginning of the month hit a record $11.2 billion, with $1.59 billion directed towards Ethereum.
Decreased Interest in Bitcoin and Altcoins
While Ethereum shows growth, Bitcoin has experienced a slight outflow of $175 million. Investments in Solana amounted to $311 million and XRP to $189 million. Other altcoins, such as Cardano and Chainlink, received minor attention with inflows of just $1.3 million and $500,000, respectively. This could indicate a portfolio rebalancing among investors awaiting potential approvals of altcoin ETFs.
Investment Dynamics in Cryptocurrencies
Positive investment dynamics are also evident from the US, which saw inflows of $2 billion, and from Germany with $70 million. Meanwhile, there were outflows from Brazil, Canada, and Hong Kong totaling $267 million. The increasing investor confidence in cryptocurrencies points to positive expectations for institutional adoption.
The overall increase in cryptocurrency investments, especially in Ethereum, alongside the outflows from Bitcoin, indicates a shift in market sentiment and a potential readiness of investors to transition to alternative assets.
