In simpler terms, as the larger market recovered, investments in digital asset products continued to grow. Based on recent figures from CoinShares, there was an inflow of approximately $646 million during the previous week.
So far this year, investments amounting to a record-breaking $13.8 billion have flowed in, exceeding the previous highest intake of $10.6 billion experienced during the whole of last year.
ETF Hype Slows Down
After a robust bounce-back towards the end of March, investments in digital assets have seen a significant surge. With the highly anticipated Bitcoin halving scheduled for this month, optimism among investors has been revived alongside Bitcoin‘s climb back above $72,000.
Despite the earlier intense interest in Bitcoin ETFs, the enthusiasm seems to be waning. According to CoinShares’ latest report on digital asset fund flows, the inflows during the past week did not reach the levels observed in early March. Furthermore, last week’s trading volume dropped significantly from $43 billion in the first week of March to just $17.4 billion.
Although this is occurring, the interest from ETF investors is showing signs of lessening, falling short of the weekly inflows reached in early March.
Additionally, the Singapore-based investment firm disclosed that investors held contrasting views regarding different regions.
Last week, the United States experienced an inflow of $648 million from investors. Likewise, investors in Brazil, Hong Kong, and Germany added $10 million, $9 million, and $9.6 million, respectively. Conversely, Switzerland and Canada experienced outflows of $27 million and $7.3 million, respectively.
Bearish Investors Capitulate
Over the past week, Bitcoin attracted investments to the tune of $663 million. On the other hand, there were withdrawals from short-Bitcoin investment funds amounting to $9.5 million for three successive weeks. This suggests a slight surrender from bearish investors.
For the fourth week in a row, Ethereum experienced outflows totaling $22.5 million. In comparison, most other altcoins saw inflows during the past week. Among these were Litecoin, Solana, and Filecoin, which had inflows of $4.4 million, $4 million, and $1.4 million respectively.
In the same timeframe, there were small investments totaling $0.7 million in investment products linked to Polkadot, Cardano, and XRP each.
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2024-04-09 07:12