Bitcoin, Ethereum, and Altcoins Experience Sharp Declines
Bitcoin, Ethereum, and altcoins are experiencing sharp declines amidst macro data from the US and dwindling expectations for a Fed interest rate cut. BTC has fallen below $115,000, while downward momentum continues for ETH and altcoins.
While this decline is likely to continue in the short term, CoinShares released its weekly cryptocurrency report and stated that $3.75 billion in inflows occurred last week.
This was the fourth-largest weekly gain on record and the second consecutive weekly gain.
Cryptocurrency investment products saw inflows of $3.75 billion, the fourth-highest on record. This pushed AUM to an all-time high of $244 billion.
Ethereum Outperforms Bitcoin!
When looking at individual crypto funds, it was seen that the majority of inflows were in Ethereum.
Ethereum experienced a major surge and took the lead with an inflow of $2.87 billion.
The positive atmosphere continued in Bitcoin (BTC), with an inflow of $552 million.
When we look at other altcoins, XRP also made a big move and experienced an inflow of $125 million, Solana (SOL) $176.5 million and Sui (SUI) $11.3 million, while Toncoin (TON) experienced an outflow of $1 million and Litecoin (LTC) $0.4 million.
Ethereum continues its rally, with a record $2.87 billion in inflows last week. This accounts for 77% of total weekly inflows and brings year-to-date (YTD) inflows to a record $11 billion.
While Bitcoin saw modest inflows totaling $552 million, Solana and XRP assets recorded significant inflows of $176.5 million and $125.9 million, respectively. In contrast, Litecoin and Tone saw small outflows of $0.4 million and $1 million, respectively.
When looking at regional fund inflows and outflows, the USA ranked first with an inflow of $3.72 billion.
Following the US, Canada saw an inflow of $33.7 million and Hong Kong $20.9 million.
Against these inflows, Sweden experienced an outflow of $49.9 million and Brazil $10.6 million.
*This is not investment advice.