Ethereum Funds See Record Inflows of $2.2 Billion This Year

Between November 24 and 30, cryptocurrency investment funds saw inflows of $270 million. This positive trend continued for the eighth consecutive week, although it weakened significantly compared to the previous reporting period, according to CoinShares. 

Year-to-date inflows reached a record $37.3 billion.

In the past week, investors withdrew $457 million from instruments based on the leading cryptocurrency, ending a streak of inflows.

“[…] in our opinion, this is profit-taking after bitcoin tested the psychological level of $100,000,” the report states. 

Conversely, Ethereum-based funds experienced a “sharp reversal” with inflows of $634 million. Since the beginning of the year, this figure has reached a maximum of $2.2 billion. 

Clients also directed a record $95 million into XRP funds, which CoinShares analysts attribute to excitement over the potential launch of an ETF based on the asset in the United States.

Earlier in December, XRP surpassed the $2.5 mark and entered the top three by market capitalization, overtaking the stablecoin USDT.