Outside Source
Investor sentiment has recently shifted away from Bitcoin and toward Ethereum, based on fund flow data from CoinShares.
News
Ether (ETH) investment funds have seen record net inflows of $2.2 billion in 2024, finally surpassing the cryptocurrency’s 2021 net inflow record of roughly $2 billion, according to CoinShares.
The record inflows reflect “a dramatic turnaround in sentiment” for ETH, according to CoinShares’ Dec. 2 weekly digital asset fund flows report.
Overall, cryptocurrency investment products saw net inflows totaling $270 million during the week starting Nov. 26, taking total inflows for the year to a new record of more than $37 billion, according to the data.
Source: CoinShares
Early signs of ‘Alt Season’?
During the week of Nov. 26, investor interest seemed to swing from Bitcoin (BTC) to ETH, based on CoinShares’s data.
Bitcoin saw outflows of $457 million — the cryptocurrency’s first significant outflows since September — while ETH saw inflows of $634 million during the same period, according to the report.
Hartmann Capital founder Felix Hartmann believes the pivot from BTC to ETH is a signal that Wall Street is “officially joining the fun” on the “alt rotation.”
“ETH ETF flows have flipped BTC ETF flows for the first time,” crypto commentator Ethereum Vibin said in an X post.
On Nov. 29, Cointelegraph reported that Ether exchange-traded funds (ETFs) saw more money from investors than their Bitcoin counterparts since Nov. 22 after Ethereum’s decentralized finance (DeFi) ecosystem scored a key victory in a United States court.
Source: X
Related: Ripple’s XRP surges to 2024 high amid Trump win, stablecoin optimism
XRP’s rebound
Notably, XRP (XRP) saw inflows of nearly $100 million, the largest ever, which CoinShares says is “due to hype surrounding the potential for a [exchange-traded fund].”
On Dec. 1, XRP surpassed Solana (SOL) in market capitalization and has since flipped Tether’s USDt (USDT) to become the third-largest crypto asset by market cap.
The native asset used by blockchain payments firm Ripple has surged to a new 2024 high as investors anticipate pro-crypto developments in the US under President-elect Donald Trump.
Investors are also early awaiting progress on Ripple’s dollar-pegged, overcollateralized stablecoin project, RLUSD.
Magazine: Crypto has 4 years to grow so big ‘no one can shut it down’: Kain Warwick, Infinex
This article first appeared at Cointelegraph.com News
