The new Coinshares report released on December 4th revealed that investment products in digital assets showed inflows last week totaling US$176 million. The amount marked the tenth consecutive week of inflows totaling US$1.76 billion.
The amount recorded relating to inflows last week became the largest since October 2021. According to the data, the largest cryptocurrency, Bitcoin (BTC) was the main beneficiary of this movement, recording inflows of US$ 133 million.
At the time of publication, the price of Bitcoin was quoted at US$41,524.45, up 4.8% in the last 24 hours. The cryptocurrency has seen its price rise by 12.8% in the last seven days.
The report also highlighted that the Ethereum cryptocurrency managed to record more inflows of $31 million last week. With this, ETH raised the five-week period to an amount of US$134 million. For the first time in 2023, cryptocurrency net flows are positive at $10 million.
It is worth noting that, given the price recovery in the market for most cryptocurrencies, Ethereum (ETH) showed a price spike with the recent increases recorded. Analytics platform Santiment noted on December 4 that the price of ETH reached $2,250 for the first time in almost two years.
“The market cap of Ethereum has just reached $2,250 for the first time in over 1.5 years. As open positions and long positions in $ETH increase, there are signs of FOMO. Prices can still rise, but there is more risk as traders create greedy leveraged positions,” he wrote.
Bitcoin on the rise today: BTC price reaches $40,000 for the first time since 2022
The price of Bitcoin (BTC) is on the rise today. Bitcoin achieved a huge recovery in its price this weekend, with the largest cryptocurrency reaching the $40,000 level on December 3.
Since last year, the price has not been so high. This is the first time Bitcoin price has reached the $40,000 level since April 2022.
Analytics firm Santiment highlighted optimism over the launch of an exchange-traded fund (ETF) in a new analysis: “Bitcoin rose above $40K for the first time since April 28, 2022, as the weekend approaches end in the form of a celebration. FUD and FOMO regarding ongoing ETF confirmation dates will determine whether $50K arrives sooner or later.
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.