Global crypto market records inflows despite mayhem in Eastern Europe
The global cryptocurrency market for the week ending February 28 saw total funds recording inflows worth $36 million despite the global economy facing a downturn as a result of Russia’s invasion of Ukraine, investment firm CoinShares said in a report Monday.
Unsurprisingly, there were stark differences recorded in fund flows between North American and European investment products, with the former posting $95 million in inflows and the latter recording $59 million in outflows. The report read:
“Digital asset investment products saw inflows totalling US$36m last week despite the ongoing turmoil in Eastern Europe and the anticipated negative sentiment. Interestingly, volumes in Bitcoin crypto exchanges that trade the RUB/USD pair have seen volumes rise by 121% week-on-week.”
Talking about specific cryptocurrencies, Bitcoin launched into its 5th consecutive week of inflows, recording $17 million last week. The figures remain positive despite last week’s volatility resulting in Bitcoin reaching as low as $34,500.
The world’s largest altcoin, Ethereum, saw minor inflows totaling $4.2 million. At the time of writing, the currency was trading at $2,922.27, up by 10.93% from yesterday’s levels.
Meanwhile, Solana and Litecoin both saw minor outflows worth $2.6 million and $0.5 million, respectively.
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OhNoCryptocurrency via https://www.ohnocrypto.com/ @Paul Carpenter, @Khareem Sudlow