Bitcoin Records $2.8 Bln Weekly Inflows As Digital Asset Inflows Scales New ATH

In what comes as a remarkable milestone recently scaled within the cryptocurrency landscape, digital asset weekly inflows break another record, reaching $2.9 billion today, March 18. Following its recent topping of the $2.7 billion inflow mark in recent days, this milestone fueled immense curiosity among crypto market enthusiasts, underscoring the burgeoning adoption of digital assets globally. Amid this remarkable weekly inflow recorded, Bitcoin appears to be leading the pack with $2.89 billion in inflows. Other altcoins followed with Binance coin, Litecoin, Short Bitcoin, and Cardano, following BTC’s lead.

A Closer Look Into The Report

Digital asset investment products witnessed a notable surge in weekly inflows, per a report, surpassing the ATH of $2.7 billion this week to reach $2.9 billion. This comes riding the market sentiments of buy-the-dip, as investors poured substantial funds into the digital currency market amid the recent crypto market crash, resulting from massive selloffs.

Meanwhile, these inflows helped the year-to-date totals scale new heights, reaching $13.2 billion and topping the entire 2021 inflow of $10.6 billion. Whereas, trading volumes stood at $43 billion this week, which is in line with the previous week’s records and accounts for 47% of global Bitcoin volumes.

Global exchange-traded products (ETPs) surpassed the $100 billion mark for the first time this week, although it rested at $97 billion soon after, mirroring a correction witnessed at the week’s end. In the interim, in terms of regional trends, the U.S. led with $2.95 billion in inflows, with minor inflows observed in Australia, Brazil, and Hong Kong. Contrastingly, Canada, Germany, Sweden, and Switzerland collectively experienced $78 million in outflows, adding up to this year’s not-so-good start as outflows burgeoned phenomenally.

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Bitcoin Dominates Inflows While Smart Contracts Take Hit

Intriguingly, Bitcoin dominated these digital asset inflows, accounting for $2.89 billion last week, mirroring 97% of all inflows year-to-date. On the other hand, short Bitcoin products saw their most significant inflows in a year, totaling $26 million after five consecutive weeks.

Besides, smart contracting appears to have taken a hit last week, with ETH, SOL, and MATIC recording outflows totaling $14 million, $2.7 million, and $6.8 million, respectively. Whereas on a positive note, blockchain equities registered inflows worth $19 million, marking a 180 degree turn following six weeks of outflows.

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