Coinshares has released its weekly cryptocurrency report, stating that $1.07 billion worth of outflows occurred last week.
Bitcoin (BTC) and altcoins failed to recover from the late November recovery and had a bad start to December.
This decline is thought to be due to growing concerns about global liquidity withdrawals, as the Bank of Japan hinted at an interest rate hike, highlighting the possibility of a decrease in yen-based carry trades.
While wondering whether the decline will continue, Coinshares released its weekly cryptocurrency report and stated that there was an inflow of $1.07 billion last week.
Cryptocurrency investment products saw an inflow of $1.07 billion after four weeks of heavy outflows, as hopes for a US interest rate cut rose following comments by FOMC member John Williams.
When looking at individual crypto funds, it was seen that the majority of inflows were in Bitcoin.
While Bitcoin experienced an inflow of $464 million, Ethereum (ETH) experienced an inflow of $309 million.
When we look at other altcoins, Solana (SOL) and XRP also experienced inflows due to the influence of ETFs.
XRP saw an inflow of $289.2 million, Solana saw an inflow of $4.4 million, and Cardano (ADA) saw an outflow of $19.3 million.
“Bitcoin saw inflows of $464 million last week.
Ethereum also benefited from improving market sentiment with $309 million in inflows last week.
XRP recorded record weekly inflows of $289 million. The latest six-week wave of inflows represents 29% of assets under management (AuM), likely linked to recent US ETF launches.
In comparison, Cardano (ADA) recorded $19.3 million in outflows, equivalent to 23% of its assets under management (AuM).
When looking at regional fund inflows and outflows, the USA ranked first with an inflow of $994 million.
Following the USA, Canada had an inflow of $97.6 million and Switzerland $24.6 million.
In the face of these inflows, Germany experienced small outflows of $55.5 million and Sweden $4.8 million.
