Cryptocurrency funds have reported significant inflows, with Bitcoin (BTC), Ethereum (ETH), XRP, Cardano (ADA), and Solana (SOL) leading the charge.

The most recent data from CoinShares indicate a total weekly inflow of $175.6 million across various cryptocurrency products, with Bitcoin alone attracting $154.7 million.

This optimistic trend aligns with expectations around the anticipated approval of a spot-based Bitcoin ETF in the United States.

Dominant Bitcoin and rising altcoins

Bitcoin has remained the preferred choice for investors, drawing in a robust $155 million inflows.

The cumulative inflows over the past two months account for 3.4% of its total assets under management (AUM).

This investor interest in Bitcoin is thought to be connected to the prospect of a U.S. spot-based Bitcoin ETF.

Conversely, products betting against Bitcoin have experienced outflows, with $8.5 million leaving short-Bitcoin funds last week, suggesting a bullish market sentiment for the leading cryptocurrency.

The altcoin market also enjoyed an influx of funds, with Solana leading with $13.6 million, Ethereum with $3.3 million, and Avalanche with $1.8 million. Cardano (ADA), XRP, and Litecoin have also experienced decent inflows over the past week.

Varied investor appetite

Regarding the regional distribution of these inflows, North American markets, particularly Canada, showed a strong appetite for crypto assets, with inflows totaling $97.7 million for the week. 

Germany trailed closely with $63.3 million, while Switzerland also demonstrated healthy interest with inflows of $35.4 million.

Surprisingly, the United States experienced outflows of $19.2 million despite the hype surrounding the upcoming Bitcoin ETF approval.

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