Coinshares did not release its weekly report on digital assets inflows/outflows. However, Head Of Research James Butterfill took to X and indicated that digital assets saw $103 million in inflows over the past week.
What Happened: According to data from Coinshares, there has been a shift in the trend for digital assets compared to the previous week, with a reversal from outflows to inflows of funds. Out of the total inflows amounting to $102.7 million, Bitcoin BTC/USD experienced inflows of $87.6 million, a significant change from the $32.8 million outflows it saw last week. In the meantime, Ethereum ETH/USD registered inflows of $7.9 million, in contrast to the outflows of $4.3 million it faced previously.
Among altcoins, Solana SOL/USD witnessed $6 million in inflows, compared to $10.6 million last week. Cardano ADA/USD also saw a decrease in inflows to $1 million from $3 million in the prior week.
XRP XRP/USD witnessed $2.7 million in inflows in the previous week, but this week, the token saw no new inflows. Avalanche AVAX/USD outflows widened to $2.6 million this week, compared to $1 million in outflows in the prior week.
As the year 2023 begins its final week, the year-to-date flows have reached $1.971 billion, with the total assets under management currently standing at $52.098 billion.
Regionally, Germany leads the weekly inflows with $41.6 million, while Canada and the U.S. follow with $25.8 million and $20.4 million respectively.
Why Does It Matter: In the past week’s trading, Bitcoin prices have seen a drop of 0.5% while ETH is marginally higher by 0.7%. Solana surged 55% in the same time frame while Cardano, XRP, and Avalanche rose 4.5%, 3.6%, and 13.9% respectively.
Chart analyst, Ali, took to X and highlighted Glassnode data showing almost $24.2 billion is flowing into the crypto market which is the highest capital inflow since December 2021.
Now Read: Grayscale's Barry Silbert Waves Goodbye To Firm As Spot Bitcoin ETF Excitement Builds
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
