Digital asset investment products saw inflows of $270 million last week, setting a new year-to-date record of $37.3 billion, according to a CoinShares report.
What Happened: Bitcoin (CRYPTO: BTC), the largest cryptocurrency, recorded significant outflows of $457 million—the first major outflows since early September, the report stated.
CoinShares attributed this to profit-taking after Bitcoin briefly touched the psychological threshold of $100,000. Meanwhile, Ethereum (CRYPTO: ETH) experienced remarkable inflows of $634 million, signaling a dramatic shift in sentiment toward the second-largest cryptocurrency.
Ethereum's year-to-date inflows now stand at $2.2 billion, surpassing its previous record of $2 billion in 2021.
"Ethereum's resurgence reflects renewed investor confidence, supported by its growing ecosystem and increasing institutional adoption," CoinShares noted in its analysis.
Also Read: How Donald Trump's Return Will Change The Crypto Regulation Game For Coinbase, Binance, Kraken
Other assets also saw notable activity.
Ripple (CRYPTO: XRP) recorded inflows of $95 million, the highest ever for the token, amid growing speculation about the approval of a U.S.-based exchange-traded fund (ETF).
Regionally, the United States dominated with $266 million in inflows, followed by Hong Kong and Germany, which reported $39 million and $12.3 million, respectively. Switzerland and Canada, however, registered minor outflows of $26 million and $10 million.
The report also highlighted a decline in trading volumes for digital asset exchange-traded products (ETPs), which fell to $22 billion from $34 billion the previous week, despite high initial volumes following the launch of options on U.S. ETFs.
- Coinbase CEO Brian Armstrong: Failed Anti-Money Laundering Regulations 'Sounds Like A Job For DOGE'
Image: Shutterstock
