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Crypto Potato 2024-12-03 07:25:36

ETH Products Outperform BTC, While XRP Sees New Record: CoinShares

ETH Products Outperform BTC, While XRP Sees New Record: CoinShares

Bitcoin experienced outflows of $457 million in the past week, marking the first significant withdrawals since early September. CoinShares interpreted this figure as profit-taking after BTC tested the key psychological level of $100k. Short-Bitcoin products saw a modest inflow of $0.5 million during the past week. On the other hand, altcoins mostly attracted inflows, including Ripple’s XRP. According to the latest CoinShares report , Ethereum saw inflows totaling $634 million, reflecting a dramatic shift in sentiment that has driven its year-to-date inflows to $2.2 billion, surpassing its 2021 record of $2 billion. XRP experienced inflows of $95 million, the largest on record, likely due to the hype surrounding the possible launch of a US ETF. Closely following XRP were Cardano and Chainlink, with $0.9 million and $0.8 million in inflows, respectively. Litecoin, however, saw a modest $0.2 million in inflows during this period. Meanwhile, multi-asset products and Solana experienced outflows of $16.3 million and $3.8 million, respectively. Zooming out, digital asset investment products attracted a total of $270 million in inflows last week, revealing an unusual contrast in asset flows within the class. Although US ETFs began offering options, despite high initial volumes, ETP volumes have not seen a similar increase, with last week’s total at $22 billion compared to $34 billion the previous one. Inflows this year have reached a record-breaking $37.3 billion. Regionally, the US dominated with inflows of $266 million, while Hong Kong and Germany also saw notable inflows of $38.7 million and $12.3 million, respectively. Australia, too, experienced inflows of $9.5 million in the past week. Meanwhile, Switzerland had the largest outflows at $26.2 million, followed by Sweden and Canada with $16.6 million and $10 million in outflows, respectively. Brazil also recorded a minor outflow of $3.8 million during the same period. The post ETH Products Outperform BTC, While XRP Sees New Record: CoinShares appeared first on CryptoPotato .

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