James Butterfill, Head of Research at Coinshares, highlights a significant inflow of investments in the cryptocurrency market, reversing the trend from the preceding week’s net outflows, which followed 11 consecutive weeks of inflows.
“US$103m inflows in digital assets last week, no report on Monday. Merry Christmas!,” Butterfill stated.
Crypto Market Experiences Reversal in Inflows
On December 24, in a post on X (formerly Twitter), Butterfill detailed a change in cryptocurrency market during the week leading up to Christmas.
This shift occurred after a previous dip, which followed a rapid streak amid hype surrounding the crypto market.
The previous week, Butterfill outlined in a report that the week saw an outflow of crypto investments, to the amount of $16 million. This ended an 11-week run of inflows.
However, he noted that trading activity remained well above the year average though, totaling $3.6 billion for the week.
Altcoins Emerge Victorious in Crypto Market Inflows
Meanwhile, altcoins were the reported winner of the week, seeing $21 million in inflows. The main inflows were from Solana, Cardano, XRP, and Chainlink.
Read more: How To Prepare for a Bitcoin ETF: A Step-by-Step Approach
The crypto market has stirred an increase in conversations lately. Mainly speculating on the approval of a Bitcoin exchange-traded fund (ETF) by the US SEC.
Meanwhile, on December 23, BeInCrypto reported that BitMEX founder Arthur Hayes warned that the launch of spot Bitcoin ETFs may challenge the existence of the pioneer cryptocurrency.
However, according to Hayes, if Bitcoin ETFs, which will be managed by traditional asset managers, are too successful, they will “completely destroy Bitcoin.”
Read more: Top 7 Platforms To Earn Bitcoin Sign-Up Bonuses in 2024
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