Net inflows into crypto funds extended for the 11th consecutive week

Net inflows into cryptocurrency investment products for 2 to 8 December totaled $42.8 million, according to CoinShares in its commentary CoinShares.

In the previous reporting period, the figure stood at $176.3 million. Over each of the six preceding weeks, inflows were in the three-digit range.

Analysts noted renewed interest in products that enable short selling. The surge may have been driven by the rally in digital asset prices. Thus, inflows into such Bitcoin-based instruments stood at $8.6 million.

Investors allocated $19.8 million to ‘standard’ Bitcoin funds. The year-to-date figure has crossed $1.7 billion.

Inflows into ETP based on Ethereum continued for the sixth week in a row — $9.7 million, versus $30.8 million in the previous reporting period.

Investors allocated $3.1 million to Solana-based instruments, $2 million to Avalanche-based products and $0.8 million to XRP-based ones, respectively.

Bitcoin fell below the $42,000 level.

Earlier ForkLog experts shared their views on the drivers behind the rally in digital gold, and discussed the prospects for the price to rise to $52,000.

CryptoQuant experts had noted the possibility of Bitcoin breaking the $50,000 level in early 2024.