Crypto Fund Inflows Inch Closer To $2B For 2023, Bitcoin Sees $88M Surge In Weekly Investments
Portfolio Pulse from Khyathi Dalal
Digital assets have seen a shift from outflows to inflows, with Bitcoin (BTC) experiencing $87.6 million in inflows, reversing from last week's outflows. Ethereum (ETH) also saw inflows of $7.9 million. Altcoins like Solana (SOL) and Cardano (ADA) had decreased inflows, while XRP saw no new inflows and Avalanche (AVAX) outflows widened. Year-to-date flows for digital assets have reached $1.971 billion, with total assets under management at $52.098 billion. Germany leads in weekly inflows, followed by Canada and the U.S. Bitcoin prices dropped slightly by 0.5%, while ETH increased by 0.7%. SOL surged by 55%, and ADA, XRP, and AVAX also saw price increases.
December 26, 2023 | 3:46 pm
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POSITIVE IMPACT
Cardano saw a reduction in inflows to $1 million from $3 million, with a price increase of 4.5% over the week.
The decrease in inflows for Cardano is offset by a moderate price increase, suggesting a balanced market reaction that could maintain the asset's stability.
CONFIDENCE 65
IMPORTANCE 40
RELEVANCE 50
POSITIVE IMPACT
Bitcoin saw a significant reversal from outflows to inflows, with $87.6 million entering the asset this week.
The substantial inflows into Bitcoin indicate a positive shift in investor sentiment, which could lead to a short-term increase in its price.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Ethereum registered inflows of $7.9 million, contrasting with the outflows it faced the previous week.
The inflows into Ethereum suggest a recovery in investor interest, which may contribute to a positive price movement in the short term.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Solana experienced a decrease in inflows to $6 million but surged 55% in price over the past week.
Solana's price surge despite decreased inflows could indicate strong market momentum and investor confidence, potentially leading to further gains.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 60
NEUTRAL IMPACT
Avalanche's outflows increased to $2.6 million, yet the price rose by 13.9% over the week.
Avalanche's increased outflows are a negative sign, but the price increase could indicate a divergence between investor actions and market performance.
CONFIDENCE 60
IMPORTANCE 30
RELEVANCE 40
NEUTRAL IMPACT
XRP saw no new inflows this week, yet its price increased by 3.6%.
The lack of new inflows for XRP could indicate a neutral investor stance, but the price increase suggests underlying market support.
CONFIDENCE 60
IMPORTANCE 30
RELEVANCE 40