Bitcoin continues to shine with 98% of inflows into crypto investment products [Advance Cash ]

Bitcoin Continues To Shine With 98% Of Inflows Into Crypto Investment Products

On April 11, European cryptocurrency investment firm CoinShares released its latest “Digital Asset Fund Flow Report,” revealing that digital asset investment products saw positive sentiment, with inflows totaling $57 million last week, bringing them back to a net positive position year over year. date. However, despite this, "volumes were low at $970 million for the week." The global Bitcoin (BTC) exchange market also saw low volumes, "just 25% off the year-to-date average at $18 billion for the week."

Weekly flows of crypto assets in millions (US dollars). Source: CoinShares

According to the report, inflows were mainly driven by investors in the United States, with $27 million in inflows. Germany, Switzerland and Canada also recorded positive sentiment, with inflows totaling $17 million, $13 million and $2.2 million respectively, indicating a general increase in confidence in digital assets.

Investors mainly focused on Bitcoin, which received $56 million in inflows, accounting for 98% of all inflows. Meanwhile, the short-Bitcoin suffered minor outflows totaling $0.6 million. In contrast, altcoins – including UNI (UNI) from Uniswap, DOT (DOT) from Polkadot, and MATIC (MATIC) from Polygon – saw minor inflows of less than $1 million each.

The report also notes that despite the Shapella upgrade of the Ethereum network scheduled for April 12, Ether (ETH) inflows were relatively minor at $600,000, suggesting investors may be cautious about investing in ETH until they are more confident about the impact of the upgrade. Additionally, blockchain stocks saw minor inflows totaling $2.1 million, indicating a relatively quiet week for the market segment.

Related: Ethereum Price Retests Key Support Level That Preceded June 2022 60% Gains

Overall, the positive sentiment in the digital asset market over the past week – despite low volumes – indicates that investors remain optimistic about the prospects for the cryptocurrency. As previously reported by Cointelegraph, Bitcoin reclaimed $30,000, its highest price since June 2022. Over the past 30 days, BTC has seen gains of almost 46%, hitting a 10-month high on the 11th. april.

Bitcoin price chart. Source: CoinGecko

On April 5, American business intelligence firm MicroStrategy added another 1,045 BTC to its growing crypto treasury, for around $29.3 million at an average price of $28,016 per BTC. Saylor has been a prominent Bitcoin supporter, urging companies to incorporate the leading cryptocurrency into their strategic asset allocation. He has always emphasized his belief that Bitcoin is the most reliable and secure store of value available in today's market and offers companies a distinctive way to hedge their assets against inflation.