The crypto asset funds saw another week of massive inflows, making it the 8th consecutive week of institutional buying. Top cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Solana (SOL), and XRP continue to record inflows. Digital asset investment products record inflows sparking positive sentiment in the crypto market.
Crypto Funds Saw 8th Week Of Inflows
Crypto asset investment products saw inflows of $176 million, consecutively for the 8th week, reported CoinShares on November 20. This comes amid a massive increase in trading volumes, averaging 11% compared to the long-term historical average of 3.4%.
Bitcoin continues to witness massive inflows amid spot Bitcoin ETF approval speculations. Bitcoin saw $155 million inflows. Short Bitcoin also saw inflows of $8.5 last week. However, the buying dropped as compared to earlier weeks.
Despite a mixed week for altcoins, Ethereum, Solana, Cardano, and XRP continue to see inflows. Most notable were Solana, Ethereum, and Avalanche which saw $13.6 million, US$3.3 million, and $1.8 million, respectively. XRP’s consecutive week of inflows continued after Ripple’s partial victory against the U.S. SEC.
CoinShares Digital Securities, 21Shares AG, and Purpose Investments saw major gains, with increasing investments by investors in Germany, Switzerland, and Canada. The U.S. record selloff for the first time in the last few weeks.
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Sentiment for This Week
Crypto investors remain cautious amid the selloff witnessed last week after BlackRock’s Ether Trust filing. AI tokens witnessed massive buying amid the OpenAI saga ended with Sam Altman and his team joining Microsoft.
BTC price jumped 2% after pro-Bitcoin presidential candidate Javier Milei won the election in Argentina, with the price currently trading at $37,145. The 24-hour low and high are $36,414 and $37,509, respectively. Furthermore, the trading volume has increased by 40% in the last 24 hours, indicating interest among traders.
FOMC Minutes is the only key macro event to keep an eye on this week. The Fed officials have already taken a dovish approach to interest rates.
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Read More: Massive Institutional Buying Of BTC, ETH, XRP, SOL, ADA