April 22, 2024

Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and Cardano (ADA) Funds See Fresh Inflows

Cryptocurrency market witnessing substantial allocation of investment as Bitcoin leads way with significant weekly inflow

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According to the latest financial report by CoinShares, the cryptocurrency market has experienced a significant influx of funds across various digital assets. 

Bitcoin (BTC) remains the top gainer, with a reported weekly flow of $87.6 million, contributing to a year-to-date (YTD) increase of $1.8 billion, per data available up to Dec. 23.

Ethereum (ETH), Solana (SOL) and Cardano (ADA) also reported positive inflows. This indicates a continued interest in a diversified range of cryptocurrencies beyond the leading digital currency.

Top cryptocurrencies by inflow

Bitcoin, the pioneering cryptocurrency, leads the charge with impressive inflows that overshadow its counterparts. 

The digital asset’s performance is a significant contributor to the total weekly inflow of $102.7 million into cryptocurrency funds. 

Ethereum trails with a weekly inflow of $7.9 million, while Solana and Cardano follow suit, registering inflows of $6.0 million and $1.0 million, respectively.

Among the providers, Grayscale Investments LLC maintained a steady position with no new inflows or outflows, while CoinShares XBT saw a decrease in weekly flows by $9.8 million. 

However, 21Shares AG and Purpose Investments Inc ETF showed robust growth, with 21Shares leading the monthly inflow with $34.4 million.

Leading countries by inflows

In terms of geographical distribution, Canada emerged as the frontrunner with a weekly inflow of $25.8 million into crypto funds, contributing to a significant YTD growth of $494 million. 

Germany and the United States also showed strong performance with weekly inflows of $41.6 million and $20.4 million, respectively. 

Notably, Sweden experienced a downturn with a weekly outflow of $8.7 million. The flow of funds across these countries underscores the global nature of the cryptocurrency market and reflects varying investor sentiment in different regions.

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