In a much-needed turnaround event, digital asset investment products saw another week of inflows, as per the latest report by CoinShares. After a $16 million worth of outflows that ended an 11-week run of inflows and saw $33 million outflows of Bitcoin, the inflows have renewed positive sentiment ahead of possible spot Bitcoin ETF approval in early January.
Bitcoin Records Over $87 Million Of Weekly Inflows
Crypto asset funds recorded weekly inflows of $103 million, revealed James Butterfill, head of research at CoinShares, on December 25. Despite a small increase, it is significant for the crypto market as spot Bitcoin ETF approval is just around the corner. The U.S. SEC met with spot Bitcoin ETF issuers many times last week.
Bitcoin recorded an $87.6 million inflows, pushing inflows in the last few weeks. Short-bitcoin also saw inflows of $0.4 million, with month-to-date inflows of $12.5 million. While some remain skeptical about the decision on spot Bitcoin ETF, new Bitcoin ETF adverts by Bitwise and Hashdex brought money back into the market.
Ethereum also saw inflows of $7.9 million indicating better investment fundamentals and high demand for its staking yield. Solana saw $6 million in a week and $20.1 million in inflows month-to-date, the third-largest among altcoins. inflows among altcoins.
However, Cardano inflows declined to just $1 million, while Avalanche, Litecoin, and XRP recorded outflows as investors looked to other crypto assets.
Germany, Canada, the U.S., Switzerland, and Brazil led the crypto asset funds’ inflows.
Also Read: Bitcoin Price Stagnates, Altcoins Rally On Christmas — Is A Santa Claus Rally In Effect?
BTC price moving range bound in the last 24 hours, with the price currently trading at $43,660. The 24-hour low and high are $42,765 and $43,827, respectively. Moreover, trading volume has increased by 43% in the past 24 hours, indicating interest from traders. It happens as open interest rises after Bitcoin ended the week higher.
ETH price trades at $2296, up 1% in the past 24 hours. However, the trading volume has decreased slightly in the past 24 hours.
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