In the thrilling world of crypto, Ethereum is basking in the limelight, with investors showering it with a cool $51 million. Meanwhile, Solana seems to be in a bit of a pickle, facing an $8.7 million outflow. That's quite the twist in the crypto tale!
Last week was a mixed bag for digital asset investment products. On one hand, there was a hefty $308 million pouring in, but on the flip side, December 19th saw a colossal $576 million wave goodbye. To top it off, the last two days of the week witnessed a jaw-dropping $1 billion in outflows. Talk about a rollercoaster ride!
These price dips also caused a $17.7 billion shrinkage in total assets under management (AuM) for Digital Asset ETPs. The Federal Reserve's stern stance in its dot plot released on Wednesday might just be playing puppet master here.
But let's not blow things out of proportion! These outflows are merely a tiny 0.37% of the total AuM and only rank as the 13th largest single-day outflow in the history books. The top spot still belongs to mid-2022 when a whopping $540 million took a hike following the Fed's interest rate rise.
Bitcoin had its share of ups and downs but ended the week with a net influx of $375 million, a sign of robust market vibes. Short-bitcoin products lagged behind, with a meager $0.4 million trickling in, showing short-sellers weren't exactly chomping at the bit.
The real drama unfolded with multi-asset investment products, which saw a staggering $121 million vanish last week.
In the altcoin arena, XRP reigned supreme with $8.8 million in inflows, closely followed by Horizen at $4.8 million and Polkadot at $1.9 million. Looks like investors are getting choosy! Chainlink, Cardano, and Litecoin also got some love, with modest inflows of $1.7 million, $0.7 million, and $0.6 million, respectively.
While Ethereum is enjoying its moment in the sun with $51 million in inflows, Solana is experiencing a bit of a downpour with $8.7 million in outflows.
The US is strutting its stuff, leading the charge with a whopping $567 million in digital asset inflows. Brazil and Australia aren't far behind, pulling in $16.6 million and $10.2 million, respectively. Meanwhile, other regions are seeing money flow out.
Switzerland is leading the outflow parade with $95.1 million, with Germany and Canada hot on its heels at $74.7 million and $60.1 million. Sweden and Hong Kong also joined the outflow club with $42.1 million and $12.1 million, respectively. What a week!
