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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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
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