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Ethereum, BTC, SOL, XRP Sees Record Inflow, Bull Run To Continue? – Crypto News

Published

1 year ago

July 15, 2024

Dripp

In a recent report, CoinShares showed a significant inflow into Ethereum, Bitcoin, and other altcoins last week. The influx of funds, especially into digital asset investment products, suggests a positive market sentiment despite recent price weaknesses.

Let’s explore if this significant inflow signals a sustained bull run for the crypto market ahead.

Ethereum, Bitcoin, and Others See Record Inflows

Last week, digital asset investment products witnessed the fifth-largest weekly inflows on record, totaling $1.44 billion, CoinShares reported. This surge brought the year-to-date inflows to a staggering $17.8 billion, significantly surpassing the $10.6 billion recorded in 2021.

However, despite these impressive inflows, trading volumes remained relatively low at $8.9 billion for the week, compared to this year’s seven-day average of $21 billion. Bitcoin led the charge with $1.35 billion in inflows, marking one of its most substantial weekly inflows.

In contrast, short-bitcoin products saw the largest weekly outflows since April, with investors pulling out $8.6 million. The influx into Bitcoin likely stemmed from a mix of factors, including the German government’s Bitcoin sales and a positive shift in sentiment due to lower-than-expected CPI data in the U.S.

Meanwhile, Ethereum followed with $72 million in inflows, the highest since March. This surge is attributed to the anticipated approval of a Spot Ethereum ETF in the U.S. Other altcoins also saw notable inflows, with Solana, Avalanche, Chainlink, and XRP receiving $4.4 million, $2 million, $1.3 million, and $1 million, respectively.

Also Read: UXLINK Token Braces For Major Listings & Airdrop: Here’s All

Will The Momentum Sustain?

The US dominated regional inflows, contributing $1.3 billion last week. However, other regions also displayed bullish sentiment. Switzerland saw record inflows this year, while Hong Kong and Canada followed with $58 million and $55 million, respectively.

CoinShares highlighted that the recent price weakness presented a buying opportunity for many investors. The substantial inflows into Bitcoin and other digital assets indicate a strong belief in the market’s long-term potential. Besides, this sentiment, combined with regulatory developments and macroeconomic factors, suggests a possible continuation of the bull run.

Investors seem optimistic about the crypto market’s future, especially with the looming approval of an Ethereum ETF this week. If these trends persist, we could witness sustained growth and innovation in the digital asset space. However, market participants should remain cautious of potential regulatory changes and market volatility. Meanwhile, several analysts have also said that Bitcoin has already reached its bottom.

Also Read: XRP Whales Buy 100M Coins Amid Ripple Vs. SEC Settlement Rumors

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