cryptojournalist
Crypto Investments Reach Record Levels
In the week from Dec. 2-6, the crypto market saw a massive surge in investments, with $3.85 billion flowing into crypto products. This came right after Bitcoin hit a new all-time high, crossing $100,000 for the first time on Dec. 5.
Bitcoin Takes the Lead
Bitcoin-based investment products attracted the largest chunk of the money, with $2.5 billion in inflows. This brings Bitcoin’s total investment for the year to a staggering $36.5 billion. Despite Bitcoin’s impressive rise, investors were still cautious, as betting against Bitcoin’s momentum saw only $6.2 million in short BTC product inflows.
Ethereum Also Sets Records
Ethereum didn’t fall behind. Ethereum-based products saw a record $1.2 billion in investments, coinciding with Ether’s price rising above $4,000. However, Solana saw a decline, with $14 million in outflows, marking its second consecutive week of losses.
Growing Confidence in Blockchain
Blockchain-related stocks also saw strong interest, with $124 million in new investments. This growth came as Bitcoin miners are seeing better margins. 2024 has been a pivotal year for cryptocurrency ETFs, especially after the launch of the spot Bitcoin ETF in the U.S. In fact, by Dec. 6, Bitcoin ETFs surpassed 1.1 million BTC, more than the total held by Bitcoin’s creator, Satoshi Nakamoto.
