As the week commenced with a positive outlook for Bitcoin and altcoins in anticipation of the US CPI and PPI data release, Coinshares published its weekly cryptocurrency report, shedding light on significant market trends.
Coinshares reported a notable influx of $130 million in cryptocurrency investment products last week, marking the first time in five weeks that such a substantial inflow occurred. Particularly, the US witnessed inflows amounting to $135 million, with Grayscale observing its lowest weekly outflows since January.
Among various crypto funds, Bitcoin emerged as the primary beneficiary, experiencing an inflow of $144 million. Conversely, Ethereum (ETH) witnessed an outflow of $14.4 million, contrasting with the previous week's inflow, amid dwindling expectations for Ethereum ETF approval.
While Bitcoin dominated inflows, other altcoins saw mixed fortunes. Litecoin (LTC) recorded a modest inflow of $0.1 million, Polkadot (DOT) attracted $1.2 million, and Solana (SOL) stood out with a notable inflow of $5.9 million.
The absence of significant engagement from US regulators concerning ETF issuer filings for a spot Ethereum ETF led to speculation that ETF approval might be delayed, contributing to Ethereum's outflows totaling $14 million.
In terms of regional fund flows, the US ranked first with an inflow of $135 million, followed by Hong Kong with $19 million. Canada received $20 million in inflows, while Germany experienced an outflow of $14.9 million.
The recent shift in institutional investment towards Bitcoin and Solana underscores evolving market dynamics and regulatory sentiments. While Bitcoin remains a favored choice among investors, altcoins like Solana exhibit resilience amidst market fluctuations. Regulatory uncertainty continues to influence investor sentiment, particularly impacting Ethereum's performance. As the cryptocurrency landscape evolves, investors must navigate these dynamics to make informed decisions.
Data from the Bank of Korea (BOK) has showed that the number of cryptocurrency investors in Korea has reached 15.59 million as of November, an increase of 610,000 compared to the previous month, representing more than 30% of Korea's entire population of approximately 51.23 million.
XingChiLuxury brands and businesses like Printemps, S.T. Dupont, and Virgin Voyages are now accepting Bitcoin as payment, driven by its record value of over $108,000. This shift highlights growing interest in cryptocurrency for high-end purchases despite challenges like consumer education and regulatory barriers.
WeatherlyMicrosoft shareholders overwhelmingly rejected a proposal to add Bitcoin to the company's balance sheet, with only 0.55% in support. The board expressed concerns about Bitcoin's volatility, despite acknowledging its potential as an inflation hedge.
WeatherlyEl Salvador and Argentina have signed an agreement to collaborate on cryptocurrency regulation and innovation in Latin America. The deal aims to share expertise, boost crypto growth, and strengthen the regulatory framework for digital assets in both countries.
AnaisFormer Binance CEO Changpeng “CZ” Zhao Predicts China could beat the United States of America at building a Strategic Bitcoin Reserve.
XingChiBinance has not yet decided on its new global headquarters due to complexities like tax laws and talent acquisition challenges. Legal troubles, including Changpeng Zhao's legal issues and a $4.3 billion fine, have led Binance to restructure its leadership and adopt better governance strategies.
WeatherlyBilly Markus, the founder of Dogecoin, recently shared regret about selling 37.37 bitcoins in 2015 for $424,152.54 — a decision that would now be worth over $368 million. Despite stepping away from Dogecoin in 2015, Markus reflects on its impact as a cultural icon while highlighting its true value lies in its community and shared ideals, not just market performance.
WeatherlyBitcoin has reached a new all-time high, surpassing $100,000, while CZ remains unaffected by the surge, holding onto the same amount of Bitcoin. Binance Coin (BNB) also hit a record high, but CZ’s focus remains on Bitcoin’s long-term value rather than its fluctuating price.
WeatherlyMeitu sold its entire crypto portfolio, making nearly $80 million just before bitcoin’s surge above $100,000. The company plans to distribute 80% of the gains to shareholders and refocus on its AI-driven apps.
AnaisBitcoin surpassed $100,000 on 5 December, driven by growing optimism following Trump’s pro-crypto appointments, including Paul Atkins for SEC Chair. This milestone signals investor confidence in a crypto-friendly future under Trump’s upcoming administration, which takes office on 20 January 2025.
JoyThe Polkadot ecosystem hit a new all-time high of 514,000 daily active addresses, up 48% month-over-month and 192% in 6 months, with Moonbeam remaining the leading parachain.
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JinseFinancePolkadot's recent surge of 6% reflects the cryptocurrency's resilience amidst market fluctuations. Despite prevailing bearish sentiment, metrics suggest a potential continuation of the upward trajectory, while robust development activity underpins its long-term prospects.
BerniceGavin Wood, the founder of Polkadot, gave a major keynote speech about the future of Polkadot, which is called Polkadot 2.0.
JinseFinanceExplore how Polkadot Blockchain Academy is shaping the future of blockchain innovation with its groundbreaking educational programs in APAC. Join the journey in Hong Kong and Singapore, fostering a new generation of blockchain professionals.
WeiliangA cryptocurrency analyst, Ali Martinez, recently highlighted a bearish signal for Polkadot (DOT), suggesting a probable 20% decline from its current price level.
Xu LinAcala, a member of the Polkadot DeFi ecosystem, has increased DOT staking, providing enhanced DeFi accessibility and incentives for DOT holders. The move is expected to attract more users to participate in decentralized finance solutions offered by Acala, making it easier for both beginners and experienced crypto enthusiasts to engage with the platform.
EdmundEveryone was celebrating the Bitcoin pump- but is the crypto winter truly over?
ClementParity Technologies, responsible for developing Polkadot, has recently been reported to be facing financial difficulties, leading to a significant number of layoffs.
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