Major Cryptos Witness 8th Week of Massive Inflows: Will Bull Run Continue?
The cryptocurrency market is witnessing a sustained influx of investments, with major assets like Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Solana...
- The cryptocurrency market is experiencing a sustained influx of investments, with major assets like Bitcoin, Ethereum, Cardano, Solana, and Ripple's XRP seeing significant inflows for the eighth consecutive week.
- A new report highlights a remarkable $176 million inflow into crypto asset investment products.
- Trading volumes have increased from the historical average of 3.4% to an average of 11%.
- Bitcoin has shown interesting price dynamics, reentering an ascending channel pattern and facing potential resistance and support levels at $38,000 and the $32,400–$31,000 zone, respectively.
- Ripple's XRP has seen significant whale transactions, indicating substantial movement in the market.
- The continuous inflows over the past eight weeks have brought the year-to-date total to $1.32 billion, but this figure is still lower than the inflows seen in 2020 and 2021.
- The United States saw withdrawals from futures-based products, while Canada, Germany, and Switzerland reported robust inflows, highlighting diverse investor sentiments across different geographies.
The article provides a positive sentiment overall, highlighting the sustained influx of investments in the cryptocurrency market and the increased trading volumes. It also mentions interesting price dynamics for Bitcoin and significant whale transactions for Ripple's XRP.