Home ยป Crypto Market Witnesses Record Weekly Inflows: Surpasses $2.45 Billion Milestone

Crypto Market Witnesses Record Weekly Inflows: Surpasses $2.45 Billion Milestone

Crypto Market Surge Reflects Growing Confidence in Digital Assets: Bitcoin Dominates Inflows, Altcoins Show Mixed Trends.

by Isaac lane
0 comment
crypto market

In a remarkable development, the crypto market experienced an extraordinary influx of $2.45 billion in investment products during the past week, marking a new milestone in the sector’s evolution. CoinShares‘ latest report unveils this significant surge, propelling year-to-date inflows to an impressive $5.2 billion.

Source: CoinShares Report

Dominance of Bitcoin in Inflow Trends

Bitcoin emerged as the dominant force, spearheading the surge in investment activity by capturing the majority of product inflows. Notably, only a marginal $5.8 million flowed into short-Bitcoin products, underscoring the bullish sentiment surrounding the leading cryptocurrency.

Ethereum and Altcoins Experience Mixed Inflows

While Ethereum witnessed substantial inflows amounting to $21 million, alternative cryptocurrencies such as AVAX, LINK, and MATIC saw minor increases in investment. However, Solana (SOL) emerged as a standout performer, experiencing outflows totaling $1.6 million.

Global Bitcoin ETF Flows on the Rise

Year-to-date net flows into global Bitcoin exchange-traded funds (ETFs) and products have seen a significant uptick, with notable acceleration since the beginning of February. This surge is attributed in part to a slowdown in outflows from Grayscale’s converted GBTC fund, as reported by data from The Block.

Last Thursday marked a pivotal day for ETF inflows, with total investments reaching $389.55 million, surpassing outflows that amounted to $168 million. BlackRock’s iShares Bitcoin ETF (IBIT) emerged as the frontrunner, securing a substantial $224.3 million inflow on that particular day.

As the crypto market continues to attract significant investments, fueled by both institutional and retail interest, these inflow trends signal a growing confidence in digital assets as viable investment vehicles. However, fluctuations in altcoin inflows and outflows suggest a dynamic landscape where investors carefully navigate opportunities and risks.

Related Posts :

footer logo

@2023 – All Right Reserved.

Incubated bydesi crypto logo