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Bitcoin Records $2.6B Weekly Inflow Amid Growing Wall Street Interests – Crypto News

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1 year ago

March 11, 2024

Dripp

Bitcoin is once again making waves in the financial world, hitting a new all-time high of over $71,000 on Monday, March 11. This surge comes alongside a remarkable uptick in market interest, particularly from the Wall Street players, as evidenced by the latest CoinShares report.

Meanwhile, the recent CoinShares report showed a $2.6 billion inflow into Bitcoin last week. This influx underscores the growing confidence in cryptocurrencies, especially among institutional investors.

Bitcoin Records $2.6B Inflow Amid Wall Street Buzz

The latest report from CoinShares unveils a significant milestone in the cryptocurrency market. With a record-breaking $2.7 billion inflow into digital asset investment products, the total year-to-date influx has surged to $10.3 billion, nearly matching the entirety of 2021’s record.

Meanwhile, Bitcoin stands out as the primary focus of investors, capturing $2.6 billion in inflows, representing 14% of total Assets under Management (AuM) for the year. The report suggests that the surge was largely attributed to the robust influx witnessed by the U.S. Spot Bitcoin issuers.

In other words, this surge in Bitcoin’s inflows is indicative of Wall Street’s burgeoning interest in the digital currency. Despite recent price hikes, investors continue to pour funds into Bitcoin, with even short Bitcoin products witnessing a further $11 million inflow last week.

In addition, other cryptocurrencies like Solana, Polkadot, Fantom, Chainlink, and Uniswap are also seeing notable inflows, signaling a broader shift towards digital assets.

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A Closer Look Into The Report

The Digital Asset Fund Flows Weekly Report showed that last week’s inflows bring the year-to-date total to US$10.3 billion, nearing the 2021 record of US$10.6 billion. While Bitcoin steals the spotlight with its monumental inflows, other cryptocurrencies experience varied fortunes.

Meanwhile, Solana saw a resurgence with US$24 million inflows, while Ethereum experienced minor outflows of US$2.1 million. Besides, some other notable inflows include Polkadot, Fantom, Chainlink, and Uniswap.

Regionally, the US led with US$2.8 billion in inflows, followed by Switzerland and Brazil. However, Canada, Germany, and Switzerland saw profit-taking, with outflows recorded. Overall, recent price increases propelled total assets under management to a record high of US$94.4 billion, reflecting the growing investor interest in digital assets.

Meanwhile, recent data suggests that investors’ interest in cryptocurrency is surging, evident in the robust inflow into the U.S. Spot Bitcoin ETF, signaling growing institutional involvement from Wall Street. This influx has boosted investor confidence, propelling Bitcoin to new all-time highs.

Besides, the market analysts are optimistic about BTC’s future, particularly with the impending Bitcoin Halving event. Historical trends suggest post-halving rallies, further bolstering investor sentiment toward Bitcoin’s potential trajectory. As reported by CoinGape Media, a prominent Bitcoin analyst suggests BTC price hit $337,000 citing macro events and bullish technical indicators.

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