Crypto Investment Sees $300M Weekly Inflows Despite $1B Outflow in Final Days
- U.S. spot Bitcoin and Ethereum ETFs command a combined $121.87 billion net assets.
- Multi-asset investment products experienced high volatility and shed over $120 million in outflows last week.
- Bitcoin dominance is standing at 57.3%, close to its Nov. 2024 high of 60.1%
It’s the final week of 2024, and Bitcoin’s (BTC) performance has defied expectations. This month, it rallied above and beyond $100,000.
But, a recent price correction has brought it back under, which coincided with some sizeable outflows across institutional crypto products.
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Bitcoin Dominance
The latest CoinShares report shows that crypto asset investment products maintained solid inflows despite a historical day of outflows totaling $576 million on Dec. 19, 2024.
Notably, U.S. spot Bitcoin exchange-traded funds (ETFs) accounted for most of the outflows in the last two days of the week, shedding a total of $956.93 million. Regardless, as per SoSoValue data, Bitcoin ETFs ended the week on a high note with a net inflow of $449.25 million.
Bitcoin’s rise above $100,000 was due to stop at some point, and according to CoinShares, the overall market price correction caused a $17.7 billion reduction in total assets under management across all digital asset ETPs.
CoinShares notes that much of these outflows and market corrections were related to the U.S. Federal Reserve’s “ dot plot ,” which projects hawkish interest rate adjustments for 2025.
Bitcoin’s dominance peaked at 60.1% on Nov. 21 and retreated back down to a year-low of 53.9% on Dec. 7. During this time, altcoins relished in some significant gains, which in turn have also corrected as BTC dominance has climbed back up to 57.3%.
Ethereum and Altcoins
Ethereum ETFs have been turbulent, shedding $135 million in net outflows on the final two days of last week following their record-breaking 18-day inflow streak.
Similarly to Bitcoin ETFs, ETH funds ended the week on a positive note, with $62.73 million in net inflows.
According to CoinShares, multi-asset investment products are also experiencing volatility after recording $121 million in outflows last week.
Notably, Solana products saw $8.7 million in outflows. Other altcoins did pretty well, with Ripple (XRP) netting $8.8 million, followed by Horizen’s (ZEN) $4.8 million, and Polkadot (DOT) with $1.9 million.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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