Crypto Funds Absorb $3.55 Billion, But Market Still in the Red

Crypto funds have absorbed a significant $3.55 billion in one week, driven primarily by Bitcoin's 33.4% quarterly gain. However, despite this recent surge, most major cryptocurrencies still trade below their values from a year ago. For example, Bitcoin is down 29.7% over the past 12 months, while Ethereum and XRP have fallen 38.4% and 49.6% respectively. This raises the question: does a strong quarterly performance indicate that buyers are late to the party, or does it suggest that the market is still on the mend?

The 90-day return for many cryptocurrencies reflects their price movement from three months ago, without considering where they began. For instance, Zcash has risen by 208.7%, while Chainlink is up 80.2%. In contrast, XRP has risen by 31.0%, but is still down 49.6% year over year. The current 10-year Treasury yield of 5.17% also poses a challenge for crypto investors, as they can earn a guaranteed return with less market volatility.

Despite the recent gains, it may still be a suitable time to invest in major cryptocurrencies. Bitcoin, Ethereum, Solana, and XRP are all priced below where they began 2026, with Ethereum down 9.6% and Solana down 5.3%. However, Zcash stands apart, having already reflected earlier price increases. This perspective suits long-term investors who can endure possible downturns and are willing to forgo the steady 5.17% Treasury yield.