Monday, December 4, 2023

Major Cryptos Witness 8th Week of Massive Inflows: Will Bull Run Continue?

Crypto Market

The cryptocurrency market is witnessing a sustained influx of investments, with major assets like Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Solana (SOL), and Ripple’s XRP experiencing significant inflows for the eighth week in a row. A new report highlights this trend, noting a remarkable $176 million inflow into crypto asset investment products.

Exploring the Inflows

This consistent inflow marks a notable shift in trading volumes, which have significantly increased from the historical average of 3.4% to an average of 11%.

Bitcoin’s Price Movements

Bitcoin, in particular, has shown interesting price dynamics. Recently, it reentered an ascending channel pattern, leading to a mix of bullish and bearish sentiments. The BTC/USDT pair is currently at a critical juncture, with potential resistance and support levels at $38,000 and the $32,400–$31,000 zone, respectively.

XRP’s Whale Transactions

In the case of Ripple’s XRP, Whale Alert has reported significant transactions, indicating substantial movement in the market. Two major transactions involving tens of millions of XRP from a Ripple Labs-activated wallet were noted, reflecting strategic transfers to exchanges.

Statistical Insights into the Inflows

The continuous inflows over the past eight weeks have brought the year-to-date total to US$1.32 billion. However, this figure still lags behind the inflows seen in 2020 and 2021, which were US$6.6 billion and US$10.7 billion, respectively.

Regionally, the trends vary. The United States saw withdrawals from futures-based products, while Canada, Germany, and Switzerland continued to report robust inflows, highlighting diverse investor sentiments across different geographies.

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Sohrab Khawas

Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he’s trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he’s not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.

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