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Regional Analysis: Huge Growth in Inward Investments to the US and Switzerland
The general sentiment surrounding digital assets varied regionally, with the US and Switzerland emerging as major players with inward investments of $1.2 billion and $84 million respectively.
Inward investment into investment products in Switzerland in particular reached its highest levels since mid-2022, indicating growing interest in digital assets in European markets, while outward investment into Germany and Brazil amounted to $21 million and $3 million respectively, a clear indication of the divergent mood regionally.
Bitcoin (BTC), the largest cryptocurrency by market capitalization, was the main beneficiary of these investments, attracting $1 billion, which led to an increase in interest in investment products that speculate on the decline in the price of Bitcoin, which attracted investments worth $8.8 million. Despite the general positive sentiment towards Bitcoin, some investors are hedging against expectations of price corrections.
On the other hand, the second largest digital currency, Ethereum (ETH), managed to attract investments worth $87 million, after five consecutive weeks of losing investments, indicating an improvement in investor confidence, noting that this is the first incoming investments into ETH since early August. On the other hand, Solana (SOL), one of the major digital currencies, lost investments worth $4.8 million.
Altcoins’ performance was mixed, with Litecoin (LTC) and Ripple (XRP) attracting $2 million and $0.8 million in investments, respectively, while Binance (BNB) and Stacks (STX) lost $1.2 million and $0.9 million, highlighting the volatility and uncertainty of the altcoin market, according to CoinShares.
