Ethereum

Bitcoin

James

The global crypto investment products continue to see positive sentiments, attracting $1.35 billion in inflows last week. Accordingly, these products have seen a three-week streak of inflows totaling $3.2 billion. Some of the asset managers contributing to these huge inflows of cash include BlackRock, Ark Investment, Fidelity Investment, and Grayscale Investment.
James Butterfill, Head of Research at CoinShares also <a href="https://blog.coinshares.com/volume-192-digital-asset-fund-flows-weekly-report-1f25c92e38fe" target="_blank" rel="noopener noreferrer nofollow">highlighted</a> a surge in Exchange-Traded Product (ETP) trading volumes.&nbsp; Specifically, ETP volume increased by 45% week-over-week to $12.9 billion, representing 22% of broader crypto market volumes.
<h2 id="b-bitcoin-based-investment-products-shines-bright-b">Bitcoin-based Investment Products Shines Bright</h2>
Bitcoin-based investment products were not left out of the recent rally, amassing $1.27 billion in inflows last week. However, short-Bitcoin ETPs recorded further outflows of $ 1.9 million, bringing outflows to $44 million since March.&nbsp;
The bulk of the Bitcoin inflows was made up of US spot Bitcoin Exchange-Traded Funds (ETFs). These products added almost $1.2 billion in net inflows last week, excluding Friday’s figure for Ark Invest’s ARKB ETF, which is yet to be updated.
Per region, the&nbsp; US and Switzerland recorded the highest inflows of $1.3bn and $66m respectively. On the other hand, countries like Brazil and Hong Kong saw minor outflows totaling $5.2 million and $1.9 million respectively. Surprisingly, <a href="https://thecoinrise.com/bitcoin-etf-experience-surge-in-hong-kong-and-australia/" rel="noopener noreferrer nofollow">spot Bitcoin ETFs in Hong Kong reported</a> an inflows surge earlier in the month. According to previous reports, these ETFs increased to 4,941 BTC, representing an increase of 28.6% from its previous reserve of 3,842 BTC.&nbsp;
<h2 id="b-ethereum-outpaces-solana-in-ytd-inflows-b">Ethereum Outpaces Solana in YTD Inflows</h2>
Meanwhile, prospects for Ethereum (ETH) have improved drastically, as the altcoin recorded a further $45.3 million of inflows last week. “The outlook for Ethereum seems to have turned a corner,” Butterfill noted in the report.&nbsp; Notably, Ethereum is now the altcoin with the most Year-To-Date (YTD) inflows at $103 million, outpacing Solana’s $71 million.&nbsp;&nbsp;
Amid ongoing development in the Ethereum ecosystem, a <a href="https://thecoinrise.com/leading-crypto-journalist-sets-6000-price-target-for-eth-in-2024-pushing-erc-20-altcoins-to-rally/" rel="noopener noreferrer nofollow">crypto analyst has set a price target</a> of $6,000 for the altcoin in 2024. This price forecast is quite bold for a cryptocurrency that is currently trading at $3,457.
<h2 id="b-ethereum-etf-prediction-b">Ethereum ETF Prediction</h2>
The analyst based its ETH price prediction on the potential launch of spot ETH ETFs in the US. There are expectations that the asset will see a rise in inflows from the new investment vehicle, leading to a breakout. As reported earlier, <a href="https://thecoinrise.com/five-ethereum-etfs-to-begin-trading-on-cboe-on-july-23/" rel="noopener noreferrer nofollow">five ETH ETFs have been scheduled to premiere</a> on the Chicago Board Options Exchange (CBOE) on July 23.
The post <a href="https://thecoinrise.com/global-crypto-investment-products-sees-3-2b-consecutive-inflows/" rel="noopener noreferrer nofollow">Global Crypto Investment Products Sees $3.2B Consecutive Inflows</a> appeared first on <a href="https://thecoinrise.com" rel="noopener noreferrer nofollow">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Global Crypto Investment Products Sees $3.2B Consecutive Inflows

Inhoudsopgave

TheCoinrise Media

Andere artikelen gepubliceerd op 22 jul 2024

Bitcoin Miners Signal Recovery After Difficult Period

TON Foundation Unveils Secure Bitcoin Bridge with Robust Trustless Architecture and Key Compromis...

Rho Markets Hit by $7.6 Million Hack Amid Surge in Crypto Heists

Ripple CEO Expects Legal Battle With SEC to Be Over 'Very Soon,' Robert Kiyosaki Shares Best Time...

IOST (IOST) Price Prediction 2025, 2026, 2027, 2028, 2029 and 2030

US Bitcoin ETFs Surge with 5,518 BTC Added in One Day!

Meld je aan voor onze gratis nieuwsbrief voor dagelijkse crypto-updates!