Dear Bitruers,
Today, we are excited to share a new article about $100M+ Inflows into Crypto!. Be sure to follow Bitrue's Official Twitter and Telegram to stay updated!
Introduction
James Butterfill, Coinshares' Head of Research, reports a substantial turnaround in the crypto landscape, observing a notable influx of over US$103 million in investments during the previous week. This surge follows a recent week of outflows, halting an 11-week streak of consecutive inflows.
Read More: XRP's Resilience: Amidst Legal Turmoil, Concentration Among Top Holders Persists
Crypto Market Reversal: A Christmas Miracle
On December 24, James Butterfill took to X (formerly Twitter) to highlight a dramatic shift in the cryptocurrency market leading up to Christmas. The change marked a stark contrast to the preceding week, which witnessed a sudden downturn after an extended period of crypto market enthusiasm.
The prior week saw a reported outflow of $16 million in crypto investments, breaking an 11-week cycle of continuous inflows. Despite this dip, Butterfill emphasized that trading activity remained significantly above the year's average, amounting to $3.6 billion for the week.
Altcoins Emerge Victorious Amidst Crypto Inflows
In a surprising turn, altcoins seized the spotlight during the recent inflow phase, attracting a substantial $21 million. Notably, prominent altcoins such as Solana, Cardano, XRP, and Chainlink were among the primary beneficiaries of this surge.
The crypto sphere has been abuzz with discussions regarding the potential approval of a Bitcoin exchange-traded fund (ETF) by the US Securities and Exchange Commission (SEC).
In a related development on December 23, BeInCrypto covered BitMEX founder Arthur Hayes' cautionary note, suggesting that the introduction of spot Bitcoin ETFs could pose a challenge to Bitcoin's existence.
Hayes postulated that if Bitcoin ETFs, managed by traditional asset managers, gain significant traction, they could potentially "completely destroy Bitcoin," hinting at a potentially transformative impact on the crypto pioneer's landscape.
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