Traders are still skeptical of crypto investments due to uncertainty, institutional investors are gradually buying leading cryptos including Bitcoin (BTC), Solana (SOL), and XRP. Digital asset investment products recorded inflows for the third week in a row, sparking positive sentiment in the crypto market.
Digital asset investment products experienced inflows of $15 million, for the third week in a row. However, the volume of trade is still 27% below the 2023 average.
Bitcoin saw inflows of $16 million, with inflows of $260 million over the course of the year. Bitcoin Short also saw an inflow of $1.7 million last week.
Although last week was a bad week for altcoins, Solana and XRP continued to see inflows. Tezos, Litecoin, and Chainlink recorded inflows of $0.25 million, $0.28 million, and $0.31 million respectively. XRP sees 25th straight week of inflows following Ripple's win over U.S. SEC.
Meanwhile, Ethereum recorded a massive selloff despite the launch of an ETF based on ETH futures contracts. There was an outflow of $7.5 million last week. This happened when the Ethereum Foundation, Vitalik Buterin, and crypto giants sold Ethereum.
CoinShares Digital Securities and Purpose Investments posted big gains, with investments by investors in Germany, the United States, and Canada.
U.S. The SEC has decided not to appeal Grayscale's decision to turn GBTC into a spot Bitcoin ETF. The court is currently considering an order to prompt the SEC to reconsider Grayscale's spot Bitcoin ETF application.
Meanwhile, Bloomberg ETF analysts increase the chance of spot Bitcoin ETF approval by the United States Securities and Exchange Commission (SEC) to 90%.
The price of BTC is currently trading at $$28,934.61, up over 4% in the past 24 hours due to massive inflows in the crypto market in general.
