Investor demand for digital assets shows no sign of slowing down, as November saw a continuation of the significant influx into the crypto market seen in October.
According to data from CoinShares, net flows into crypto products reached $261 million the previous week. While this is somewhat lower than the week before making paradox crypto, which brought in $326 million, it marks a continued trend of strong investor interest in the cryptocurrency market.
This brings the total inflows over the past six weeks to an impressive $767 million. In comparison, 2022 saw a total inflow of $736 million, demonstrating the significant increase in investor funds pouring into crypto products.
CoinShares senior research analyst James Butterfill noted on Monday that this six-week streak of net inflows is the strongest since December 2021.
Out of the total inflows, Bitcoin-based assets represented the majority, with $229 million invested last week alone.
Interestingly, American investors accounted for around 60% of these inflows, marking a significant shift from the previous week, where Canada and Germany saw the greatest share of the investments. Butterfill believes this is due to growing optimism about a potential spot-based ETF being approved in the US, as well as doubts about the effectiveness of US monetary policy.
The SEC’s upcoming decision on Bitcoin ETFs, set for January 10th, could pave the way for similar plans by big players like BlackRock and Fidelity.
Besides the dominant cryptocurrency, Ethereum-focused products also saw positive inflows of $17.5 million last week. While not as high as bitcoin, this is still the highest amount seen since August 2022.
The price of Ether was $1,869 at the time of writing, up 3.7% from one week ago. Making paradox crypto even bigger.