[Nov. 23] Crypto market records weekly inflows despite weak trends

CoinShares released its cryptocurrency market weekly report on November 22 that reported $154 million in inflows for the week ending November 19. The report suggested a determined investor interest in the market even with the latest price corrections.

Of the $154 million inflows, Bitcoin grabbed the largest share of 74% after surpassing inflows worth $114.4 million. Talking about its year-round figures, Bitcoin products and funds hit $6.7 billion of the total $9.2 billion worth of crypto inflows recorded YTD.

The weekly figures were surprising since adjustments led Bitcoin to fall by roughly 10.4% last week. At the time of writing, Bitcoin was trading at $56,750.23, down by 1.18% in 24 hours.

Meanwhile, “Multi-asset”, which represents investment products including multiple stocks, followed Bitcoin with $14.1 weekly inflows. Ethereum, the second-largest altcoin, came third with $12.6 million in inflows.

“Although this has not been reflected in market prices, with Bitcoin having fallen 4% over the month versus Ethereum which rose 14% over the same period,” CoinShares report read. “This disparity may be due to the recently launched ETFs in the US where investment products saw 90% of inflows.”

Solana (SOL) and Polkadot (DOT) also recorded inflows of $ 8.5 million and $5 million, respectively. In contrast, Cardano (ADA) and Tron (TRX) recorded miner outflows equivalent to $2.1 million and $700,000.