- Crypto market rebounds sharply with $2.29T cap, 23.24% volume increase.
- Record $17.8B inflows in digital assets, driven by Bitcoin and Ethereum.
The global crypto market has rebounded sharply, with the total market cap reaching $2.29 trillion, marking a 3.69% increase over the past day. Trading volume surged by 23.24% to $64.1 billion in the last 24 hours, dominated by stablecoins which accounted for $58.52 billion, constituting 91.29% of the total volume.
Notably, Bitcoin and Ethereum led the charge, each gaining 5% in value over the same period. According to CoinShares, digital asset investment products witnessed substantial buying activity amid recent price dips. Last week alone, these products saw inflows of $1.44 billion, driving year-to-date inflows to a record $17.8 billion, surpassing 2021’s total of $10.6 billion.
Bitcoin recorded its fifth-largest weekly inflow on record with $1.35 billion, while short positions in Bitcoin saw their largest weekly outflows since April, totaling $8.6 million.
Ethereum also saw significant investor interest with inflows of $72 million, buoyed by expectations surrounding the imminent approval of a spot-based ETF in the US.
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Regionally, the US led with inflows of $1.3 billion, underscoring positive sentiment across global markets. Noteworthy inflows were also observed in Switzerland, setting a record for the year, as well as in Hong Kong and Canada, with $58 million and $55 million respectively.
Altcoins also attracted investor capital, with Solana, Avalanche, and Chainlink receiving $4.4 million, $2 million, and $1.3 million in inflows respectively.
The market’s resilience despite recent challenges, including German government Bitcoin sales and fluctuating US CPI figures, underscores growing confidence among investors who continue to capitalize on perceived buying opportunities in digital assets.
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