According to the latest CoinShares weekly fund flow report, digital asset investment products saw a remarkable surge in inflows, reaching $932 million. This marks a 716% increase from the previous week's $130 million. The significant uptick followed a lower-than-expected CPI report released on Wednesday, with the last three trading days of the week accounting for 89% of total inflows. This trend highlights a renewed correlation between cryptocurrency prices and interest rate expectations. Bitcoin (BTC) was the main beneficiary, reinforcing its status as the leading cryptocurrency in the market. Bitcoin ETFs alone attracted $942 million in inflows over the week. The lack of substantial interest in short positions on BTC indicates a positive sentiment among investors. So far this year, Bitcoin investment products have garnered $13.85 billion in inflows.
Cardano also gained attention as it recorded nearly $2 million in inflows this week after seeing none the previous week, bringing its total investment to $10 million for the year and signaling increased investor interest. Conversely, Ethereum experienced outflows amounting to $23 million due to uncertainties regarding SEC approval of a spot ETF, leading to cautious investor behavior.
The substantial inflows into Bitcoin and Cardano last week reflect growing confidence among investors in these digital assets.
Post a Comment