Ethereum broke its 9-week spell of outflows by achieving inflows of $21 million last week, signaling a potential comeback for the popular cryptocurrency, according to data from CoinShares on Monday.
Details: The report also stated that digital asset investment products had $75 million in inflows last week.
Big Increases: Blockchain equity investment products totaled $69 million last week, its highest level since mid-December. Bitcoin inflows totaled $25 million.
Background: It has been a rough few months for Ethereum. The price is down nearly 39% since hitting an all-time high in November. This also includes an 11% drop in the last month.
Final Thoughts: Cryptocurrencies, like the broader market, have suffered in early 2022 due to harsh economic conditions. With Ethereum inflows up, there is hope that the price will eventually turn positive.
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