Originally published on: December 02, 2024
In a surprising turn of events, Ethereum investment funds have experienced a surge in net inflows, reaching a record-breaking $2.2 billion in 2024. This milestone surpasses the previous record set in 2021, illustrating a significant shift in sentiment towards ETH, according to the latest report from CoinShares.
The cryptocurrency market as a whole has also seen positive momentum, with total net inflows of $270 million during the week starting Nov. 26. This brings the total inflows for the year to an all-time high of over $37 billion, based on the data provided by CoinShares.
Investor interest appears to be transitioning from Bitcoin to ETH, as evidenced by outflows of $457 million from Bitcoin and inflows of $634 million into ETH during the same period. This pivot towards Ethereum is seen as a sign that Wall Street is beginning to embrace the “alt rotation.”
Notably, XRP has also seen a significant uptick in inflows, reaching nearly $100 million, attributed to the excitement surrounding the potential for an XRP exchange-traded fund. XRP has surged to a new 2024 high, surpassing Solana in market capitalization and becoming the third-largest crypto asset by market cap, overtaking Tether.
With the growing interest in cryptocurrencies and positive developments in the market, experts anticipate continued growth and innovation in the digital asset space. Stay informed on the latest trends and opportunities in the markets by subscribing to our Markets Outlook newsletter for critical insights every Monday.
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