Key Notes
- CoinShares reported that crypto investment products bagged $1 billion in inflows.
- This marks the end of four consecutive weeks of outflows totaling $5.7 billion.
- Bitcoin price reached $90,000 last week but has retracted further.
Digital asset investment products have finally broken the streak of four consecutive weeks of outflows. According to CoinShares’ weekly report, these assets recorded inflows of up to $1 billion, reflecting rebounding sentiment within the broader cryptocurrency market. The hope for an interest rate cut this December may have contributed to this pivot.
Crypto Products Break 4 Weeks of Consecutive Outflows
The fact that crypto ETPs recorded $1 billion of inflows last week marked the end of four consecutive weeks of outflows that summed up to $5.7 billion.
Two weeks ago, the total outflows from digital asset investments came in at $2 billion. Bitcoin
BTC
$85 803
24h volatility:
6.0%
Market cap:
$1.71 T
Vol. 24h:
$69.13 B
and Ethereum
ETH
$2 821
24h volatility:
6.3%
Market cap:
$340.69 B
Vol. 24h:
$26.14 B
recorded outflows of $1.38 billion and $689 million, respectively million. Bitcoin, Ethereum, and Solana recorded outflows of $1.27 billion, $589 million, and $156.2 million during the same period.
Last Monday, on Nov. 24, CoinShares data showed that the digital asset weekly outflows were pegged at $1.94 billion. In this case, only XRP recorded inflows, and it was worth around $89.3
This past week, BTC, ETH, and XRP
XRP
$2.02
24h volatility:
7.7%
Market cap:
$122.40 B
Vol. 24h:
$3.86 B
attracted strong inflows of $464 million, $309 million, and $289 million, respectively. Solana
SOL
$126.4
24h volatility:
7.8%
Market cap:
$70.88 B
Vol. 24h:
$5.60 B
recorded only a small inflow of $4.4 million. This pivot has been observed to follow FOMC member John Williams’ comments, stating that monetary policy remains restrictive. This raises hopes for an interest rate cut this month.
How is the Crypto Market Doing?
The digital asset market truly saw some improvements this weekend, with top assets recovering gradually. Over the weekend, Bitcoin price headed back to $90,000, plugging some excitement into the crypto sector.
Even the Coinbase Bitcoin Premium Index turned positive for the first time since Oct. 30.
For context, this metric measures the Bitcoin price ratio between Coinbase and the global market. Turning positive means that the digital gold was trading at a premium on the American crypto exchange. Coinbase Bitcoin Premium Index clearly showed that US investors were betting more on Bitcoin than the global market.
As of today, Bitcoin price has reduced further to trade at $86,636.42, according to CoinMarketCap data. Its 24-hour trading volume is 69.97% above the average and sits at $63.66 billion.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
