Bitcoin (BTC) and altcoins started the new week with a decline due to the rise in oil prices. However, they subsequently recovered and the market turned green again.
However, amid ongoing US-Iran conflicts and continuing market weakness and uncertainty, Coinshares released its cryptocurrency report, stating that it experienced $619 million in inflows last week.
“There was a $619 million inflow into cryptocurrency investment products. Strong demand at the start of the week was offset by outflows at the end of the week due to rising oil prices despite weak employment data.”
Bitcoin Leads the Way!
Looking at crypto funds individually, it was observed that inflows were mainly in Bitcoin.
Bitcoin saw inflows worth $521 million, while Ethereum (ETH) experienced inflows of $88.5 million.
Looking at other altcoins, Solana (SOL) saw an inflow of $14.6 million, Chainlink (LINK) saw an inflow of $1.4 million, while $XRP experienced an outflow of $30.3 million.
“The vast majority of inflows were Bitcoin, with a total of $521 million in inflows.”
A select group of altcoins also saw inflows. These were led by Ethereum with $88.5 million and Solana with $14.6 million, while Uniswap ($1.4 million) and Chainlink ($1.4 million) saw smaller inflows.
However, $XRP experienced a total outflow of $30.3 million.
Looking at regional fund inflows and outflows, the US ranked first with an inflow of $646 million.
After the US, Sweden and Australia experienced small inflows of $3.3 million and $1.4 million respectively. In contrast, Germany and Switzerland experienced outflows of $14.8 million and $14.5 million respectively.
*This is not investment advice.