The crypto market witnessed a strong recovery on Tuesday but not before the digital asset investment products experienced large outflows on Friday last week, a day before the market crash. However, the overall flow remained positive. In the recent week, digital asset investment products saw inflows totaling $184 million. Bitcoin witnessed inflows worth $145 million. On the other hand, ETH-related inflows stood at $25 million. The crypto industry has witnessed a significant rise in institutional investment this year.
Ethereum’s outflows also spiked on Friday.
Second-leading cryptocurrency Ethereum’s outflows also spiked on Friday. Investment products related to the cryptocurrency saw $4.7 million worth of outflows on Friday. Solana experienced decent inflows during the last week. “Digital asset investment products saw inflows totaling US$184m last week, with prices in Bitcoin falling 7% over the same period, suggesting investors continue to see recent price weakness as a buying opportunity,” the report stated. “Although the sharp price weakness at the end week did lead to US$40m of outflows late Friday. Crypto asset Bitcoin saw inflows totaling US$145m last week, although it suffered at the end of the week with outflows of US$42m on Friday and bore the brunt of investor jitters,” the report added.
Bitcoin and other altcoins are now in green.
Trading volumes of Bitcoin and other crypto-assets climbed substantially during the last week. On Friday, the leading crypto’s volumes touched $15 billion, compared to the daily average of $8 billion in November. The latest price volatility has played an important role in Bitcoin’s surging trading volumes. Over the weekend, bitcoin went as low as $42,000 before recovering. The crypto market witnessed a ‘flash crash’ on Saturday morning. However, it did not stay there for long as it recovered quickly to trade around $47,000. At the time of writing, bitcoin is trading above $51,000.