On the crypto market’s agenda is a possible spot Bitcoin ETF approval by the US SEC. Before this happened, crypto asset funds recorded weekly inflows of $103 million. According to the latest report from CoinShares, institutional money has exited AVAX, LTC and XRP. However, Bitcoin and 3 altcoin investment products saw entry.
Bitcoin records weekly inflows of over $87 million
Digital asset investment products saw inflows for another week, according to CoinShares’ latest report. Following $16 million worth of outflows that ended 11 weeks of inflows and resulted in $33 million outflow from Bitcoin, inflows renewed positive sentiment ahead of possible spot Bitcoin ETF approval in early January. CoinShares research director James Butterfill announced that crypto asset funds recorded weekly inflows of $103 million. Although it is a small increase, it is significant for the crypto market. Because possible spot Bitcoin ETF approval is just around the corner. cryptokoin.comAs you follow from, the SEC held multiple meetings with spot Bitcoin ETF issuers last week.
Bitcoin has been pushing inflows over the past few weeks, recording an inflow of $87.6 million. Short-Bitcoin also saw inflows of $0.4 million. Thus, there was an inflow of 12.5 million dollars from the beginning of the month to date. Meanwhile, some remain skeptical of the spot Bitcoin ETF decision. However, Bitwise and Hashdex’s new Bitcoin ETF ads have brought money back into the market.
Money leaving AVAX, LTC and XRP flowed into BTC, ETH, SOL and ADA
On the other hand, the leading altcoin Ethereum saw an inflow of $ 7.9 million. This points to better investment fundamentals and higher demand for staking returns. Additionally, the popular altcoin of recent times, Solana, saw an inflow of $6 million in a week. Additionally, it recorded a month-to-date inflow of $20.1 million. Thus, it recorded the third largest inflow among altcoins. However, Cardano inflows dropped to just $1 million. On the other hand, Avalanche (AVAX), Litecoin (LTC) and Ripple (XRP) recorded outflows as investors turned to others.
On a regional basis, Germany, Canada and the USA stood out in terms of entries.
Meanwhile, Germany, Canada, the US, Switzerland and Brazil led the inflows of crypto asset funds. BTC price has moved range-wise over the last 24 hours. Bitcoin was trading at $43,660 at the time of writing. The 24-hour low and high are $42,765 and $43,827 respectively. Additionally, trading volume has seen a 43% increase in the last 24 hours. This reflects the increasing interest of traders. Additionally, open interest is rising after Bitcoin closed the week on a rise. On the other hand, ETH price was trading at $2,280 with a .% decrease in the last 24 hours. However, trading volume has decreased slightly over the last 24 hours.
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