Hold onto your hats, crypto enthusiasts! Digital asset inflows have skyrocketed to a whopping $1.2 billion, and Ethereum is back in the game, contributing a cool $87 million. After a five-week slump, ETH-based products are finally seeing some green, thanks to an upbeat market vibe.
For the first time since early August, Ethereum's inflows have turned positive, marking a significant comeback. This resurgence is part of a larger trend where digital asset investment products are enjoying their third consecutive week of inflows, according to the latest from Coinshares.
So, what's driving this bullish wave? It's likely the anticipation of a more lenient monetary policy in the US, which has sparked some serious price momentum. This optimism has boosted total assets under management by 6.2% in just one week. Adding fuel to the fire, certain US-based investment products got the thumbs up for options trading, further lifting spirits.
But it's not all rainbows and unicorns. Trading volumes took a slight dip, down 3.1% week-on-week, despite the influx of cash.
Bitcoin was the big winner, raking in $1 billion in weekly inflows. This also spurred $8.8 million into short-BTC investment products. Meanwhile, Solana didn't have such a great week, seeing $4.8 million in outflows.
The altcoin scene was a mixed bag. Litecoin and XRP enjoyed inflows of $2 million and $0.8 million, respectively. Chainlink and Cardano also saw modest gains with $0.4 million and $0.1 million. On the flip side, BNB faced outflows of $1.2 million.
Regionally, the US led the charge with $1.2 billion in inflows, followed by Switzerland with its best performance since mid-2022, pulling in $84 million. Canada and Australia also got a piece of the pie, with minor inflows of $1 million and $0.6 million.
However, it wasn't all good news globally. Germany and Brazil experienced outflows of $21 million and $3 million, respectively. Sweden and Hong Kong also saw red, with outflows of $2.5 million and $1 million.
So, there you have it! A rollercoaster week in the crypto world with some thrilling highs and a few lows. Stay tuned for more twists and turns!
