Originally published on: December 02, 2024
In a surprising turn of events, Ether (ETH) investment funds experienced a massive influx of $2.2 billion in 2024, surpassing the previous record set in 2021. This surge in net inflows signals a significant shift in sentiment towards ETH, as reported by CoinShares in their latest weekly digital asset fund flows report.
Overall, the cryptocurrency investment landscape witnessed a total of $270 million in net inflows during the week beginning November 26, pushing the total inflows for the year to a remarkable $37 billion, setting a new record as per the data provided.
Interestingly, during the week of November 26, investor interest appeared to pivot from Bitcoin (BTC) to ETH based on CoinShares’ analysis. Bitcoin experienced outflows of $457 million, its first notable outflows since September, while ETH saw inflows totaling $634 million during the same period.
Felix Hartmann, founder of Hartmann Capital, views this shift from BTC to ETH as a sign of Wall Street officially joining the “alt rotation” fun. Additionally, Ethereum Vibin mentioned in an Xpost that ETH ETF flows have outweighed BTC ETF flows for the first time, indicating a shift in investor preferences.
Furthermore, a significant development was observed in the XRP market, with inflows reaching nearly $100 million, the highest ever recorded. The momentum surrounding the possibility of an exchange-traded fund (ETF) is attributed to this surge in XRP inflows. XRP surpassed Solana in market capitalization on December 1 and has since overtaken Tether (USDT) to become the third-largest crypto asset by market cap.
With Ripple’s XRP hitting a 2024 high, investors are eagerly anticipating positive developments in the US crypto landscape under President-elect Donald Trump. The progress of Ripple’s stablecoin project, RLUSD, is also closely monitored as excitement builds around the potential for crypto-friendly policies in the near future.
In conclusion, the cryptocurrency market is witnessing unprecedented growth and investor interest, with Ethereum and XRP leading the charge in terms of record inflows and market capitalization. Stay tuned for more updates on the evolving crypto landscape!
Source: CoinShares, Cointelegraph
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