Crypto Funds See $1.44B Inflows as Bitcoin Reclaims $62,000
According to the latest report from CoinShares, the crypto sector has seen a $1.44 billion inflow of capital as the market turned bullish.
The crypto market seems to have escaped the FUD around German government Bitcoin sales as the wallet emptied all of its holdings.
Key points:
- Total inflows into digital asset investment products reach $17.8 billion year-to-date.
- Bitcoin sees the fifth-largest weekly inflow on record at $1.35 billion.
- Ethereum attracts $72 million in inflows, the largest since March.
- U.S. leads regional inflows with $1.3 billion for the week.
This inflow brings the year-to-date total to $17.8 billion. This has shattered the previous record of $10.6 billion set in 2021.
Crypto investors bought the dip
Bitcoin continues to dominate investor interest. BTC saw inflows of $1.35 billion last week, marking its fifth-largest weekly inflow on record.
This surge in investment comes despite recent selling pressure from the German government’s Bitcoin holdings.
Interestingly, short-Bitcoin products experienced their largest weekly outflows since April.
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Ethereum also saw major investor interest. With $72 million in inflows last week, the largest since March, Ethereum’s popularity appears to be driven by anticipation surrounding the potential approval of a spot-based ETF in the United States.Ā Ā
A wide range of altcoins also attracted investor attention, with Solana, Avalanche, and Chainlink seeing notable inflows of $4.4 million, $2 million, and $1.3 million, respectively.Ā Ā
Regionally, the United States led the charge with $1.3 billion in inflows for the week. However, the positive sentiment was global, with Switzerland, Hong Kong, and Canada also seeing inflows. Switzerland, in particular, recorded its highest inflows for the year.
However, it’s worth noting that trading volumes remained relatively low at $8.9 billion for the week, compared to the year’s average of $21 billion.