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Crypto ETPs See $1 Billion Inflows Ending Four-Week Outflow Streak
Digital asset investment products have reversed four weeks of consecutive outflows, with inflows reaching $1 billion. This change in market sentiment is partly attributed to hopes for an interest rate cut by December.
Key Developments
- Crypto ETPs experienced a significant inflow of $1 billion after previous outflows totaling $5.7 billion over four weeks.
- Bitcoin and Ethereum previously had substantial outflows of $1.38 billion and $689 million respectively.
- In the latest report, Bitcoin, Ethereum, and XRP saw inflows of $464 million, $309 million, and $289 million respectively.
- Solana recorded a modest inflow of $4.4 million.
Market Recovery
- The crypto market showed improvements, with assets like Bitcoin nearing $90,000 over the weekend.
- The Coinbase Bitcoin Premium Index became positive, indicating increased US investor interest compared to the global market.
- As of today, Bitcoin trades at $86,636.42 with a 24-hour trading volume increase of 69.97%, reaching $63.66 billion.