Crypto investment products continued their extraordinary upward trend, with inflows totaling $3.2 billion over the preceding week. This is the tenth consecutive week of upward momentum, indicating growing investor confidence in the digital asset market.
The current spike extends an extraordinary record that has taken total inflows this year to $44.5 billion. Notably, these ten weeks alone contributed more than $20 billion, accounting for roughly half of the year’s inflows, establishing 2024 as a remarkable year for cryptocurrency investments.
Bitcoin Leads the Charge.Bitcoin continues to dominate the market, collecting $2 billion in inflows this week. Investor interest in Bitcoin has increased following recent price rises, with short Bitcoin products also experiencing activity, albeit on a smaller scale.
Ethereum followed suit, posting its ninth straight week of positive inflows. Last week, ether-based goods received $1 billion, increasing the total inflows for this period to $3.7 billion. This steady growth reflects renewed confidence in Ethereum’s long-term prospects.
Altcoins Gain Traction.The appetite of investors extended beyond Bitcoin and Ethereum. Altcoins like XRP, Polkadot, and Litecoin saw significant inflows. XRP stood out with $145 million in investments, most likely due to increased speculation about future ETF opportunities. Polkadot and Litecoin both attracted investor interest, with inflows of $3.7 million and $2.2 million, respectively.
Regional HighlightsThe United States led worldwide inflows with $3.1 billion last week. Switzerland and Germany followed, with $35.6 million and $33 million, respectively. In contrast, Sweden was the only region to register outflows of $19 million.
The continued increase in inflows reflects growing institutional and retail confidence in the cryptocurrency market, indicating a larger trend toward digital asset usage.
With Bitcoin and Ethereum leading the way and altcoins gaining traction, the crypto sector is poised for one of its strongest years yet.
