Broader Crypto Market Investment Products Recorded Up to $785 Million in Inflows This Past Week

According to insight gathered from CoinShares data, the broader crypto market investment products recorded up to $785 million in inflows this past week.

The broader crypto market clocked up to $785 million in outflows this past week, according to fresh data from CoinShares. This outlook, which features SUI Network (SUI) outperforming Ripple-associated XRP and Cardano, brings the Year-to-date (YTD) inflows to $7.5 billion.

Bitcoin and Ethereum Inflows Teases Renewed Interest

CoinShares' latest report highlights that this marks the fifth consecutive week of inflows for the crypto sector. At this rate, the market has also recovered the $7 billion in outflows registered during the February–March price correction.

At this rate, the market has also recovered the $7 billion in outflows clocked during the February–March price correction. However, while the outlook for the market looks promising, investors’ sentiment differs significantly across regions.

In the US, Germany, and Hong Kong, the crypto investment products recorded inflows of $681 million, $86.3 million, and $24.2 million, respectively. On the other hand, Sweden, Canada, and Brazil bagged massive outflows of $16.3 million, $13.5 million, and $3.9 million, respectively.

Similarly, the flows differed across various digital assets. For instance, Bitcoin saw up to $557 million in inflows, while Ethereum recorded the highest among altcoins. The coin bagged $205 million in inflows and $575 million YTD.

Ethereum's performance suggests renewed investor optimism around the coin and the ecosystem. This follows the successful Pectra upgrade a few weeks ago and the appointment of new co-executive director Tomasz Stańczak.

While the Bitcoin inflows are quite impressive, they represent a decrease from the previous week. The continued uncertainty may have triggered this as the United States Federal Reserve failed to cut interest rates.

Short-Bitcoin products were not left out as they saw a fourth consecutive week of inflows, running to $5.8 million. This is a reflection of investor positioning amid recent price gains.

Unlike the others, Solana clocked outflows of $0.89 million, which has been its trend in the last few weeks.

SUI Outpaces XRP and Cardano, But Price Shift Recorded

In terms of the flows by assets, SUI surpassed the likes of XRP and Cardano, with its weekly inflows totaling $9.3 million. XRP clocked $4.9 million inflows, while Cardano had only $500,000. SUI was only out ranked by Bitcoin and Ethereum, which topped the list of featured assets.

The outlook of SUI barely comes as a surprise, considering its performance in the last few weeks. As of May 12, SUI was leading altcoin gains with $11.7 million in weekly inflows and a bullish price trajectory. The crypto asset outperformed Ethereum, the largest altcoin by market capitalization, during this time.

According to PlusCoinAnalyst, a crypto analyst and trader, spotted a sustained bullish trend on the daily chart of the SUI/USDT trading pair at the time. The market observed that the continuation of the bullish momentum could birth a breakout above the $4.20 resistance.

"Expecting a final push higher in SUI to take out the final leg of the Fib at $4.28. We’ve seen a sustained bullish trend on the daily chart of the SUI/USDT trading pair, fueled by recent price gains that have propelled the altcoin to new highs.

The market analyst added that the sustained rally had also seen SUI outperform the largest altcoin by market capitalization, noting that the bullish trend was expected to continue.

"The sustained rally saw SUI outperform ETH, which is currently the largest altcoin by market capitalization. As the bullish trend continues, we can expect to see more buying opportunities in the market.

However, the outlook of the SUI price today shows a different trend. According to FreshCoinPrice data, SUI is currently trading at $3.67, corresponding with a 4.52% price dip in the last 24 hours.

This downturn follows a broader bearish move in the market, which has seen most major coins decline. Despite this setback, the overall picture remains positive, with YTD returns showcasing the potential of the crypto market for investors.