Bitcoin (BTC) Price Consolidates as Analyst Predicts Next Stop

others

Bitcoin Reigns Supreme With $133 Mln Weekly Inflows: Report – Crypto News

Published

3 years ago

December 4, 2023

Dripp

In a testament to the escalating interest in digital assets, CoinShares’ latest Digital Asset Fund Fund Flows Weekly report reveals an unprecedented surge. With a staggering $1.76 billion in inflows over the past 10 weeks, the digital asset investment landscape is experiencing a remarkable boom.

Meanwhile, this surge, marking the largest since October 2021, underscores the resilience and growing popularity of cryptocurrency investment products. In addition, the recent advance in the weekly inflows also comes in line with the major cryptos like Bitcoin and Ethereum hitting their yearly highs.

CoinShares Unveils $1.76 Bln Inflows In 10 Weeks

CoinShares’ recently published Digital Asset Fund Fund Weekly Flows report unveils a striking trend in the world of digital asset investments. Over the past week alone, the sector witnessed an influx of $176 million, marking the 10th consecutive week of substantial inflows.

Notably, this cumulative surge reached an impressive $1.76 billion in the last 10 weeks, accounting for 4% of assets under management (AuM). In addition, the report highlights the robust growth the digital asset space has witnessed, with total AuM soaring by 107% this year.

However, despite this substantial growth, the current AuM stands at $46.2 billion, still below the all-time high of $86.6 billion recorded in 2021. Meanwhile, CoinShares notes that trading volumes in Exchange-Traded Products (ETPs) remain noteworthy, reaching $2.6 billion for the week and constituting 12% of total Bitcoin volumes.

Meanwhile, regionally, the report emphasizes the prominence of digital asset investments in Canada, Germany, and the US. These regions experienced substantial inflows of $79 million, $57 million, and $54 million, respectively.

However, Hong Kong saw minor outflows amounting to $15 million. Despite the Asian region’s relatively small total AuM and a limited number of ETPs, it stands out as one of the few regions witnessing net outflows year-to-date.

Also Read: Binance Lists LUNC, IOTA, & Other Spot Trading Pairs As Terra Classic Price Rallies

Bitcoin Tops Weekly Inflow List With ETH Gaining Traction

Unsurprisingly, Bitcoin emerged as the primary beneficiary, attracting $132.8 million in inflows. In addition, after a three-week streak of outflows, short-bitcoin products experienced inflows of $3.6 million last week.

On the other hand, Ethereum also made notable strides with an additional $31 million in inflows, extending its five-week positive run to $134 million. For the first time this year, net flows for Ethereum turned positive at $10 million, signaling a shift in sentiment after an extended period of negativity.

Meanwhile, the CoinShares report concludes by highlighting the robust performance of blockchain equities, boasting seven consecutive weeks of inflows. Last week’s inflow of $17.4 million stands as the highest since July 2022, affirming the sustained investor interest in the broader blockchain and digital asset ecosystem.

Notably, the report comes amid a time when both Bitcoin and Ethereum have reached their yearly highs, reflecting a bullish sentiment in the cryptocurrency market. As of writing, the Bitcoin price soared 5.20% to $41,512.50, while touching a 24-hour high of $42,108.59. In addition, the trading volume of BTC rocketed 102.49% to $32.14 billion.

Simultaneously, the Ethereum price hit a yearly high of $2,273.07 in the last 24 hours. However, as of writing, its price was up 3.45% from yesterday to $2,232.47.

Also Read: Whale Bags 600 Billion Shiba Inu From Binance, SHIB & Bone Prices Pump 10%