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Home»ETHEREUM NEWS»Ethereum and XRP surge with $270 million inflows as investors flock to altcoins
ETHEREUM NEWS

Ethereum and XRP surge with $270 million inflows as investors flock to altcoins

By Crypto FlexsDecember 2, 20242 Mins Read
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Ethereum and XRP surge with 0 million inflows as investors flock to altcoins
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According to CoinShares’ latest fund flow report, digital asset investment products had the second-lowest weekly inflows over the past eight weeks, totaling $270 million. This brings total inflows so far this year to $37.3 billion.

James Butterfill, head of research at CoinShares, highlighted unusual contrasts in the flows of various assets within the class. He noted that the minimal influx was partly due to the impact of newly released options on the product.

Despite high initial trading volume, US ETF options failed to significantly increase ETP trading volume, which fell to $22 billion from $34 billion last week.

Ethereum, XRP outperform Bitcoin.

Bitcoin has been the market’s best performer over the past year, while large alternative digital currencies such as Ethereum and XRP have outperformed the flagship digital assets over the past week.

Bitcoin suffered significant outflows, with $457 million outflowing for the first time since early September, according to a CoinShares report. These outflows appear to reflect profit-taking amid Bitcoin’s recent rise toward $100,000.

In contrast, Ethereum experienced a strong reversal, attracting $634 million in inflows. This increased annual inflows to $2.2 billion, surpassing the $2 billion received in 2021.

XRP also saw record inflows of $95 million as optimism about the asset grew and anticipation grew for the launch of a potential XRP ETF in the United States. Notably, the price of XRP hit a seven-year high after surpassing $2, and its market capitalization hit a new high of over $150 billion.

US, Hong Kong lead flow.

Regionally, the United States led the way with inflows of $266 million, followed by Germany with $12.3 million. Small outflows amounted to $26 million and $10 million in Switzerland and Canada, respectively.

In Hong Kong, cryptocurrency ETPs recorded notable inflows of $39 million, driven by the strong performance of Bitcoin ETFs.

Three Hong Kong Bitcoin spot ETFs have net assets of nearly $500 million, according to SoSo Value data. ChinaAMC Bitcoin ​​ETF leads with $277.48 million, followed by Bosera Hashkey Bitcoin ​​ETF with $153 million. The Harvest Bitcoin Spot ETF holds approximately $40 million in assets.

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