James Butterfill, head of research at Coinshares, highlights a significant investment inflow into the cryptocurrency market, reversing the trend of net outflows from the previous week, which followed 11 consecutive weeks of inflows.
โLast week $103 million in digital assets entered, there was no report on Monday. Merry Christmas!โ said Butterfill.
Crypto Market Sees Reversal in Inflows
On December 24, in a post on X (formerly Twitter), Butterfill detailed a change in the cryptocurrency market during the week before Christmas.
This change came after an earlier decline, which followed a rapid streak amid the commotion surrounding the cryptocurrency market.
The previous week, Butterfill highlighted in a report that during the week there was a exit of crypto investments, in the amount of $16 million. This ended an 11-week streak of capital inflows.
However, he noted that commercial activity remained well above the average for the year however, totaling $3.6 billion for the week.
Altcoins emerge victorious in crypto market entries
Meanwhile, altcoins were the reported winner of the week, with receipts of 21 million dollars. The main entries came from solariumCardano, XRP and Link of the chain.
Read more: How to Prepare for a Bitcoin ETF: A Step-by-Step Approach
The cryptocurrency market has sparked an increase in conversations lately. Mainly speculating on the approval of a Bitcoin. US SEC Exchange Traded Fund (ETF).
Meanwhile, on December 23, BeInCrypto reported that BitMEX founder Arthur Hayes warned that the launch of spot Bitcoin ETFs could call into question the existence of the pioneering 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 Signup Bonuses in 2024
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