Key Takeaways:
- Crypto asset investment products saw inflows of $3.2 billion last week, continuing a 10-week streak.
- Bitcoin led inflows with $2 billion, while Ethereum secured its 7th consecutive week of positive movement.
- Whale deposits of 2.66 billion XRP into Binance reached a six-month high, indicating increased activity.
A new report by CoinShares revealed that crypto asset investment products extended their bullish streak for the 10th week in a row, as inflows of $3.2 billion took the yearly total to a record $44.5 billion, which is around four times higher than any previous year.
The report also underlines the very strong trading activity of ETPs, which averages $21 billion in traded volume per week. Those volumes already account for 30% of Bitcoin traded on trusted exchanges. Also, Bitcoin’s liquidity on trusted platforms is strong, with daily volumes averaging $8.3 billion-nearly double that of the FTSE 100 index.
Regionally, inflows were largely positive. The United States topped with $3.1 billion, followed by Switzerland, Germany, and Brazil with $36 million, $33 million, and $25 million, respectively.
Leading Cryptocurrencies Drive Positive Sentiment
Bitcoin investment products attracted inflows of $2 billion in the latest week alone, to bring post-U.S. election inflows to an astonishing $11.5 billion. Additionally, short-Bitcoin products saw minor inflows of $14.6 million amid the latest price surges but AuM remains at a low $130 million.
Meanwhile, Ethereum continued its streak with inflows of $1 billion, the 7th consecutive week of inflows. During this time, cumulative inflows have hit $3.7 billion, showing a remarkable turnaround in investor sentiment toward the second-largest cryptocurrency.
Whale Activity Sparks XRP Market Speculation
Altcoins weren’t left far behind either. XRP led with the largest altcoin inflows of $145 million, benefiting from growing hopes of a U.S.-listed ETF. Polkadot and Litecoin logged smaller but still significant inflows of $3.7 million and $2.2 million, respectively.
Moreover, according to on-chain data from CryptoQuant, the whale accumulations spiked and record approximately 2.66 billion XRP tokens deposited into Binance alone in the last month. This is believed to be the highest level of the amount of XRP whale deposits since April of this year, showing extremely increased movement among major holders of XRP.
Whales making such large deposits tend to point towards some sort of strategy alteration, since the whales do contribute to the market fluctuation by quite a margin. This increased interaction with Binance may hint at the whales moving huge chunks of XRP across the network.
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