Last week, there were investments totaling $646 million into cryptocurrency products. This brings the total investments for the year to a new all-time high of $13.8 billion, exceeding the previous record of $10.6 billion set in 2021.
After Bitcoin‘s ($BTC) price jumped by more than 66% this year, reaching approximately $70,500, and increasing by over 148.8% since last year, its inflows have significantly increased. With a market capitalization of around $1.39 trillion.
Based on the latest report from CoinShares, there were approximately $663 million poured into investment vehicles providing Bitcoin exposure during the previous week. Meanwhile, those wagering against Bitcoin experienced a third consecutive week of outflows, amounting to a loss of around $9.5 million.
The second largest cryptocurrency by market capitalization, Ethereum‘s ETH on the Ethereum network, experienced a net withdrawal of approximately $22.5 million. In contrast, investors poured around $1.3 million into products providing exposure to various assets, and around $4 million into Solana-focused investment vehicles.
Products that allow investment in Litecoin, sometimes called the “silver” version of Bitcoin, attracted $4.4 million in new investments, whereas those focusing on Cardano and XRP saw comparatively smaller inflows with $200,000 and $100,000 respectively.
According to CoinShares’ data, the investor base appears to be split geographically. The US market experienced inflows worth $648 million last week. Likewise, Brazil, Hong Kong, and Germany recorded inflows of $10 million, $9 million, and $9.6 million respectively. In contrast, investors in Switzerland and Canada withdrew funds amounting to $27 million and $7.3 million, respectively.
The company interprets the third consecutive week of Bitcoin short sellers withdrawing funds as a small-scale surrender from pessimistic investors. This possible capitulation occurs just as the Bitcoin community anxiously awaits the upcoming halving process.
Each time Bitcoin reaches 210,000 blocks, approximately every four years, the reward miners get for discovering a new block is reduced by half. This reduction in coinbase rewards translates to a decrease in the amount of freshly minted Bitcoins entering circulation. Halving events have historically been positive for Bitcoin’s price trend.
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2024-04-10 01:38