Bitcoin, Ethereum, and XRP led the crypto funds’ inflows last week as spot Bitcoin ETFs made their Wall Street debut on January 11, a day after the U.S. Securities and Exchange Commission (SEC) approved all 11 spot Bitcoin ETFs at the same time. CoinShares head of research James Butterfill says it failed to break all-time high records.
Massive Bitcoin Inflows In Crypto Funds
Crypto asset investment products saw $1.18 billion inflows (subject to T+2 settlement), according to CoinShares weekly report on January 15. Despite the huge spot Bitcoin ETF hype, it fails to break the $1.5 billion record of futures-based Bitcoin ETFs in October 2021.
However, crypto funds trading volumes soared record high of $17.5 billion last week. The average trading volume is $2 billion per week.
Bitcoin recorded a $1.16 billion inflows, representing 3% of total assets under management. Short-bitcoin also saw inflows of $4.1 million, with month-to-date inflows of $3.2 million. Experts anticipated a long-term profit of spot Bitcoin ETFs as some remain skeptical about spot Bitcoin ETFs despite bringing money back into the market.
Ethereum also saw inflows of $26 million indicating better investment fundamentals and high demand for its staking yield. XRP saw $2.2. million inflows in a week and $3.1 million in inflows month-to-date, the largest among altcoins.
However, Cardano and Solana inflows declined to just $1.4 million and $0.5 million. Altcoins such as Avalanche and Polkadot also recorded mere inflows as investors looked to other crypto assets.
The U.S. saw $1.24 billion of inflows last week, while Switzerland saw $21 million inflows. Germany, Canada, and Sweden recorded significant crypto asset funds’ outflows.
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Crypto Performance Today
BTC price fell 1% in the past 24 hours, with the price currently trading at $42,592. Furthermore, the trading volume has increased by 40% in the last 24 hours, indicating a rise in interest among traders.
In contrast to Bitcoin, Ethereum saw prices rising above $2500. ETH price currently trades at $2537, with a 24-hour low and high of $2,470 and $2,545, respectively.
XRP price jumped 1% in the past 24 hours, with the price currently trading at $0.57. The 24-hour low and high are $0.574 and $0.592, respectively. Furthermore, the trading volume has increased by 90% in the last 24 hours.
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The post Breaking: Bitcoin, Ethereum, & XRP Usher $1.18 Billion In Crypto Funds Inflow appeared first on CoinGape.
