Crypto inflows have touched record highs after a year as investors increase their allocation to crypto investment products centered on multiple tokens.
The crypto market saw traders and investors help Bitcoin float above $37,000 in the last 24 hours. Despite the market slowing down in the same period, the level has emerged as the new support level for BTC. Crypto bulls were consistent in the market, as the BTC derivatives’ strength was resilient in the last few days. Crypto inflows have also improved in 2023, rising consecutively in the previous few weeks.
Regulatory events around the globe have grabbed eyeballs in November as multiple events unfolded for crypto. With price action in the market being influenced by such events, traders could be cautious in December 2023.
Crypto investment products saw inflows of more than $1.5 billion in the present year. Over $346 million flowed into crypto investment products in the last week alone, with Bitcoin accounting for $312 million.
A crypto investment strategy firm that revealed the above numbers noted the following about ETH in its report, “Ethereum saw US$34m inflows last week, bringing this 4-week run to US$103m, almost correcting its run of outflows this year, marking a decisive turn-around in sentiment.”
BTC/USD 1D price chart
Bitcoin is currently trading at around $37,100 on November 28, 2023, with BTC/USD trading lower by a margin of 0.8% in the last 24 hours. Bitcoin’s market cap is trading at around $723 billion.
BTC/USD is trading higher than its 20-day EMA (36,393.57), as BTC’s 24-hour volume was at around $18 billion. The crypto market cap decreased by around 0.78%, trading above $1.41 trillion. BTC’s year-to-date returns are above 123.83%.
Join Millionero, a beginner-friendly crypto exchange, and leverage its list of useful features that will kickstart your journey to financial freedom with crypto!