Bitcoin continues to dominate the market, with digital asset inflows posting a positive move for the fourth week in a row, with inflows reaching $137 million.
According to CoinShares, this brings the 4-week outflow total to $742 million — correcting the 9-week outflow prior to the streak, and mark This is the largest inflow since the fourth quarter of 2021.
The continued positive momentum could be attributed to several factors, including the cryptocurrency community’s recent partial victory in the form of a legal judgment in the SEC v. Ripple lawsuit.
Related: SEC May Wait ‘Years’ to Appeal Ripple Case – Brad Garlinghouse
The XRP (XRP) token surged on news of the ruling, and the market followed suit, earning an overall rating of 56 on the cryptocurrency’s “Fear and Greed Index,” which suggests “greed” may have increased. positive emotions.However, this week the index showed return As of July 17, the rating was maintained at “neutral,” despite four weeks of positive inflows into cryptocurrency investment products.
Bitcoin (BTC) took the lion’s share of all money flows, accounting for 99% of all inflows, totaling $140 million per week. Some of these gains were offset by outflows from other cryptocurrencies, including another $2 million in ether (ETH) — which remains the asset with the highest total outflows so far this year.
While bitcoin extended its market dominance, its overall market capitalization changed slightly on a weekly basis, reflecting weak price action in the largest cryptocurrency.As of July 17, Bitcoin’s market dominance was down That’s closer to 50.18 percent, according to TradingView.
After several late updates to previous weekly data, total inflows over the past 4 weeks now stand at $742 million, the largest inflows since the last quarter of 2021.
2/6 pic.twitter.com/v4QL8QA706
— CoinShares (@CoinSharesCo) July 17, 2023
Geographically, the song remains the same. The U.S. and Canada are home to the vast majority of digital asset activity, with the former receiving $109 million inflows and the latter $28 million.
Most other regions saw capital outflows. The exception was Switzerland, which beat out the European market with $3.3 million inflows, bringing its total monthly inflows to $12.2 million.
Svlook
