Weekly Crypto Investments Total $6 Million, Indicating Mixed Attitudes Among Investors
Digital asset investment products saw a week of mixed fortunes, with a modest $6 million inflow that belied the underlying investor sentiments. The initial flow was small, but a sudden surge in U.S. retail sales mid-week caused a whopping $146 million in outflows, according to CoinShares' Digital Asset Fund Flows Weekly Report.
Bitcoin, the leading digital asset, experienced mixed sentiment, with an overall outflow of $6 million for the week. Short Bitcoin products witnessed a withdrawal of $1.2 million, marking the seventh consecutive week of outflows, totaling 40% of assets.
Ethereum, the world's largest altcoin, suffered another $26.7 million in outflows last week, pushing total outflows over the past eight weeks to an astounding $772 million. Yet, Ethereum holds the second spot for year-to-date (YTD) flows with net inflows of $215 million. On the flip side, XRP defied trends with a massive $37.7 million influx, making it the third most successful asset this year with $214 million in YTD inflows.
SUI saw a minimal inflow of $1.1 million, while Multi-asset products, Solana, and Cardano recorded inflows of $3.1 million, $0.3 million, and $0.3 million respectively.
The United States had the largest outflow of $71 million, contrasting the positive investor sentiment seen in Europe and Canada. Switzerland led inflows with $43.7 million, followed by Germany with $22.3 million. Canada recorded inflows of $9.4 million, while Sweden had $2.1 million. Australia saw inflows of $1.2 million, and Brazil had the smallest inflow at $0.7 million.
XRP's strong inflows of $37.7 million last week, adding $214 million to its year-to-date inflows, just $1 million behind Ethereum's YTD total, suggest renewed investor interest. The increased network activity, active XRP addresses surging by 67.5% in a single day, signifies the renewed interest. Furthermore, Coinbase securing CFTC approval to launch XRP futures contracts enhances institutional accessibility, making XRP more favorable for potential spot ETF approval in the U.S.
Technical analysts have noticed an inverse head-and-shoulders pattern on XRP’s chart, indicating a potential price target of $2.70 if the bullish momentum continues. Caution should still be exercised, as digital asset investments come with inherent risks.
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- Despite a week of mixed fortunes, digital asset investment products witnessed an overall outflow of $140 million, driven by a whopping $146 million in outflows for Bitcoin, the leading digital asset.
- Ethereum, the world's largest altcoin, experienced another $26.7 million in outflows last week, marking a total of $772 million in outflows over the past eight weeks.
- In contrast to Bitcoin and Ethereum, XRP defied trends with a massive $37.7 million influx last week, making it the third most successful asset this year with $214 million in YTD inflows.
- The United States had the largest outflow of digital assets, with a total of $71 million in outflows during the week, contrasting the positive investor sentiment seen in Europe, Canada, Switzerland, Germany, Canada, Sweden, Australia, and Brazil.
- Technical analysts have noticed an inverse head-and-shoulders pattern on XRP’s chart, indicating a potential price target of $2.70 if the bullish momentum continues.
- The increased institutional accessibility to XRP, due to Coinbase securing CFTC approval to launch XRP futures contracts, could enhance its potential for spot ETF approval in the U.S. and thereby further fuel investor interest.
