Crypto inflows record four-fold gains from last week, investor sentiment improves

The cryptocurrency market for the week ending February 4 saw inflows catching on to the market trend. Cryptocurrencies recorded inflows worth $85 million for the week, four times higher than the last week’s inflows of $19 million, CoinShares revealed in its weekly report Monday.

Of the total inflows, Bitcoin recorded $71 million in inflows as the currency looks to recover from January blues. The currency saw an uptick on February 4, jumping from $37,000 to $40,000 levels. At press time, Bitcoin was recovering at $44,376.55, up by 3.58% from yesterday.

Meanwhile, a stark difference was seen between Bitcoin and Ethereum after the altcoin recorded $8.5 million in outflows for the week. The second-largest currency was trading at $3,188.58 with a 24-hour price change of +2.94%.

The report also pointed out the region-wise distribution of inflows and outflows. “While Europe has seen inflows (US$10.3m), the majority has been from the Americas, particularly Brazil and Canada (US$75m),” it noted.

Other known altcoins, Solana, Polkadot, and Cardano saw inflows worth $2.4 million, $2.2 million, and $1.1 million, respectively. For the first time, Terra recorded significant inflows, worth $1.4 million for the week.