Two-year high: Money is pouring into the crypto market!

The crypto market witnessed the highest inflow of money since December 2021.

Bitcoin (BTC), the leading cryptocurrency, continues to keep altcoins alive with its mobility between $42K and $44K. The fact that BTC is trading in a stable zone has convinced investors of altcoin bullishness. Solana's (SOL) unparalleled rise was also one of the factors that increased bullish expectations.

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In the crypto market, which is on the rise based on Bitcoin spot ETFs, data to support expectations has also begun to emerge. Analyzing Glassnode's on-chain data, Ali _charts stated that there was an inflow of close to $24.2 billion into the crypto market, which was a two-year high.

Bitcoin (BTC) bull triggers money inflow

In 2023, the impact of the Bitcoin spot ETF hype and the impact of BTC increased bullish expectations. The crypto market has been home to unprecedented rises after a long time. Crypto projects such as Solana, Avalanche, ChainLink, Celestia, and ORDI have attracted a lot of attention.

The increasing interest in cryptocurrencies took place in parallel with the steps of institutions. Giant companies such as BlackRock and Fidelity, which manage trillions of dollars, are waiting for the approval of the Bitcoin spot ETF application. ETFs, which seem likely to be approved by the SEC, have whetted investors' appetites.

According to data compiled by Glassnode and analyzed by user X named Ali_charts, the increased demand was reflected in the inflow of money. Ali_charts stated that there has been an inflow of close to $24.2 billion into the crypto market, which is the highest amount since December 2021. The amount of money inflows, which is a two-year high, has shaped bullish expectations.

Around $24.2 billion are flowing into the #crypto market, the highest capital inflow since December 2021! pic.twitter.com/1cL75VlFAB

— Ali (@ali_charts) December 25, 2023

Money inflows into cryptocurrencies continue at full speed. According to the data, $103 million of new money inflows took place in a week. In the weekly data, the largest money inflow was observed in Bitcoin with $87.6 million. Ethereum, on the other hand, reflected in the inflow of 7.9 million dollars in a week. Popular cryptocurrency project Solana saw an inflow of $6 million in a week.

BTC, in particular, has been experiencing volume shortages at the beginning of the year, but has broken records since September. Bitcoin miners earned an average of $2 million in transaction fees per day due to the increased frequency of transactions on the network.