Investors invested $598 million in cryptocurrencies in a week
Since the beginning of the year, the inflow of funds into such products has exceeded $5,7 billion
26.02.2024 - 14:25
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What’s new? According to data from investment company CoinShares, the inflow of funds into crypto derivatives has been maintained for the fourth week in a row, and from February 19 to 23, it amounted to $598 million. Total inflows since the beginning of the year have exceeded $5,7 billion. Bitcoin-based products received $570 million last week and $5,6 billion since the beginning of the year. At the same time, short positions in the asset recorded an inflow of $3,9 million.
What else is known? At the regional level, the leader remains the United States, where the inflow amounted to $610 million. However, local investment firm Grayscale continues to see outflows from its spot bitcoin exchange-traded fund (ETF), with outflows totaling $436 million last week.
Brazil and Switzerland also saw small inflows of funds: $8,2 million and $2,1 million, respectively. In turn, Canada and Sweden saw an outflow: of $18 million and $8 million.
The most popular altcoins were Ethereum, Chainlink, and XRP: investment products based on them received $17 million, $1,8, and $1,1 million respectively. In turn, Solana recorded an outflow of $3 million, CoinShares experts explain it by failures in the network’s operation.
Analyst Michaël van de Poppe: net inflows into spot bitcoin ETFs drive BTC growth
He noted that in three days the inflow of funds into the ETF amounted to more than $1,5 billion
In addition, investors have withdrawn $81 million from blockchain stocks. “Investors are a little cautious at present” CoinShares concluded.
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