Bitcoin, Ethereum, and other digital assets to close 2024 on a high, with year-to-date inflows reaching a record $44.5 billion. According to a CoinShares report, inflows continued for the 10th week, led by Bitcoin’s $2 billion weekly inflow and Ethereum’s $1.089 billion weekly inflow.
The report underlined strong trading activity, with digital asset exchange-traded products averaging $21 billion in weekly volumes. iShares ETFs saw over $2 billion in inflows over the past week, while Fidelity recorded $598 million in inflows. Grayscale investment ETFs are still recording major outflows, getting $145 million in outflows over the past week.
Bitcoin and alts to close the year on a high
Bitcoin, Ethereum, and other digital assets recorded year-to-date inflows of $44.5 billion as 2024 concludes. CoinShares reports that the 2024 figure is more than four times the amount of any previous year. With Bitcoin sustaining a record peak, digital asset inflows continued for the 10th consecutive week with $3.2 billion worth of inflows.
Bitcoin investments led to inflows of $2 billion last week, as per CoinShares. The positive trigger was the US elections, which have increased the total inflows to $11.5 billion since then. Ethereum also performed well, with its seventh straight week of $1 billion inflows. Its seven-week total reportedly surpassed $3.7 billion. XRP, Polkadot, and Litecoin also saw notable inflows, reflecting growing optimism around potential ETFs and altcoin interest.
The report also notes that the trading volumes for digital asset exchange-traded products (ETPs) have averaged $21 billion weekly. It accounted for 30% of Bitcoin trading on trusted exchanges. Meanwhile, Bitcoin’s daily trading volume averaged $8.3 billion, double that of the FTSE 100.
Most regions globally also recorded significant flows, with the U.S. leading with over $3.1 billion in weekly flows. Switzerland, Germany, and Brazil also received $35.6 million, $32.9 million, and $24.7 million in weekly flows, respectively. Sweden still recorded negative flows this year, with $19 million, $37.9 million, and $630 million in negative weekly, monthly, and yearly flows, respectively.
Multiple cryptocurrencies, including Bitcoin, Ether, and Chainlink, have also recorded positive price action this week. Bitcoin tested a new all-time high today, reaching $107,780 and trading at $107,400 at the time of writing. ETH’s price has increased by over 5% in the past 24 hours and about 6.5% in the past week.
Institutional adoption contributes to positive crypto performance
#BTC breaks $100K again today, with more institutional interest and industry builders, the trends for #crypto adoption is inevitable.#Bitcoin price performance in December over the past 14 years has most often shown a pattern of positive growth, especially after each halving… pic.twitter.com/YddswtGGzs
— Vijay | bitsCrunch – $BCUT (@VijayPravinM) December 12, 2024
Multiple reports, including a recent OKG Research report, have indicated an increase in global institutional crypto adoption, with more global companies opening up their investments in crypto. Several custodial services have also been offering more crypto investment products, with the most notable being this year’s approval for Bitcoin and Ether spot ETFs. Recent CryptoQuant data has also indicated an increase in ETF holdings.
Wall Street asset management companies have further been exploring more crypto options. Grayscale, MicroStrategy, and BlackRock are now some of the top global BTC holders. MicroStrategy’s latest moves to increase its BTC holdings have significantly triggered a more bullish outlook for crypto.
A Bitcoin Suisse prediction for crypto for 2025 confirmed that more companies and governments may be set to adopt more crypto utilities and monetary policies in the coming year. Bitcoin Suisse explained that the conditions would fuel BTC and other cryptocurrencies. The prediction further suggested that the long-awaited alt-season will become full-blown in the first quarter of 2025.
Several analysts, including CryptoQuant’s CEO Ki Young Ju, also expect that cryptocurrencies will continue on an upward trend until the end of the year. Young Ju predicted that BTC would reach $112,000 by the end of the year and over $135,000 in 2025. Other predictions have reportedly highlighted that altcoins, including ETH, will follow BTC’s upward trend.
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