Bitcoin and Altcoins Start the Week with an Increase
Bitcoin and altcoins started the week with an increase in which the US PCE data, which the FED closely follows when making interest rate decisions, will be released.
While people are wondering how far the rise will continue, Coinshares released its weekly cryptocurrency report and said that there was an inflow of $644 million last week.
“Cryptocurrency investment products saw a reversal last week, breaking a five-week streak of outflows and reaching a total inflow of $644 million.”
Bitcoin Became the Pioneer!
When looking at individual crypto funds, it was seen that the majority of inflows were in Bitcoin.
While BTC experienced an inflow of $724 million, Ethereum (ETH) experienced an outflow of $86 million.
When we look at other altcoins, XRP experienced an inflow of $6.7 million, Solana (SOL) experienced an inflow of $6.4 million, while SUI experienced an outflow of $1.3 million, unlike in previous weeks.
“Bitcoin led the recovery, attracting $724 million in inflows and snapping a five-week streak of outflows totaling $5.4 billion.
Sentiment in the altcoin space was mixed. Ethereum faced the heaviest outflows, with $86 million exiting the asset. Other altcoins with notable outflows included Sui ($1.3 million), Polkadot ($1.3 million), Tron ($0.95 million), and Algorand ($0.82 million).
On the other hand, Solana recorded $6.4 million in inflows, while Polygon and Chainlink saw more modest inflows of $0.4 million and $0.2 million, respectively.
When looking at regional fund inflows and outflows, it was seen that the USA ranked first with an inflow of 632 million dollars.
Switzerland came in second after the United States with $15.9 million in inflows.
In contrast to these outflows, Sweden and Canada saw smaller inflows of $10.3 million and $9.1 million, respectively.
*This is not investment advice.