Cryptocurrency Inflows Hit Record Highs Amid Market Growth

Summary:
Cryptocurrency investment products saw significant net inflows of US$1.44 billion last week, according to a CoinShares report published on July 15th. This marks one of the largest weekly inflows ever, pushing the annual amount to a record US$17.8 billion, surpassing 2021’s US$10.6 billion. Bitcoin led the inflows with US$1.35 billion, driven by price weakness due to German government bitcoin sales and improved sentiment from lower-than-expected US CPI. Ethereum also saw considerable inflows of US$72 million, the largest since March, possibly in anticipation of US spot ETF approvals. Other altcoins like Solana, Avalanche, and Chainlink recorded inflows of US$4.4 million, US$2 million, and US$1.3 million, respectively.
Additionally, Bitcoin recovered a crucial support level and increased by 4%, reaching over US$63,000, a peak not seen in over two weeks. At publication time, Bitcoin was priced at US$62,578.96, up 5.2% in the past 24 hours.
Disclaimer: The information provided is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry financial risks.