Sign Up on MEXC
Highlights
- A recent report reveals that record weekly inflows of $2.45 billion were made into Bitcoin and Ethereum products.
- The United States led the region with 99% of the inflows, or $2.4 billion.
- The hype around Bitcoin ETFs has caused more and more institutional investors to jump on the crypto bandwagon.
Bitcoin and Ethereum-based fund inflows saw a new record break last week. CoinShares‘ most recent Digital Asset Fund Flows Weekly Report reveals that record weekly inflows of $2.45 billion were made into Bitcoin and Ethereum products. A recent upsurge in investor sentiments has boosted the capital influx in major cryptocurrency-related assets. Additionally, investors are now wondering whether this spike in inflows will fuel an impressive rally in Bitcoin and Ethereum prices.
Bitcoin and Ethereum See Skyrocketing Inflows
The weekly inflows into digital asset investment products were $2.45 billion, making it stand at an all-time high level. Additionally, the year-to-date inflows for crypto-based products stand at an astounding $5.2 billion. These inflows have caused the total assets under management (AUM) to reach $67 billion, the highest level since December 2021, along with recent positive price movements.
The CoinShares report further highlights that over 99% of the inflows went into Bitcoin, although other investors used the chance to increase their short positions in the cryptocurrency, which witnessed inflows of $5.8 million. The $21 million inflows have benefited Ethereum as well. However, there have been withdrawals of $1.6 million due to the recent disruption caused by Solana. Among the companies that have consistently had weekly inflows this year, Avalanche, Chainlink, and Polygon saw inflows of $1 million, $0.9 million, and $0.9 million, respectively.
United States Leads Investment Numbers
The United States led the region with 99% of the inflows, or $2.4 billion. This indicates a notable acceleration in net inflows, dispersed among numerous providers. It also suggests that spot-based ETFs are becoming more and more popular. At the same time, incumbent players’ withdrawals have sharply declined. While Sweden had outflows of $2 million, other regions, like Germany and Switzerland, saw moderate inflows of $13 million and $1 million, respectively.
Will BTC and Ethereum Rally in the Future?
The hype around Bitcoin ETFs has caused more and more institutional investors to jump on the crypto bandwagon. At present the future looks bright for a lot of cryptocurrencies right now, with Bitcoin leading the pack. Numerous organizations have been speculating that the OG-crypto’s pricing may increase in the future. This includes the prediction from Bitwise that the price of Bitcoin will rise above $80,000 in 2024. Institutional investment in Bitcoin will remain the primary emphasis, at least until the first half of 2024, according to Coinbase. Today’s weekly inflow report further cements the idea that Bitcoin might its all-time high bullish level in the upcoming months of 2024.
On the other hand, the prediction for Ethereum also stands on the positive spectrum of investor outlook. Ethereum is regarded as a pioneer when it comes to smart contracts. Given the revelation of Vitalik’s Ethereum 2024 plan and the upcoming Cancun update, many institutions expect substantial advancements in Ethereum Layer 2, especially in 2024. Amid the growth in the use and application of Ethereum, prices for the latter are also predicted to see an upward trend in the future.
- South Korea Ends 2018 Ban on VC Investments in Crypto Firms
- Wall Street’s CPI Forecast: Expert Examines if Bitcoin Price Can Sustain Triangle Breakout?
- Avalanche Seeks $1B to Launch Treasury-Focused AVAX Firms in U.S.
- Dogecoin Leads Crypto Market Rally, Expert Sees $0.50 Target on DOGE ETF Launch
- Ethereum News: Latest On-chain Activity Hints Massive ETH Purchase by Bitmine (BMNR) and SharpLink (SBET)
- Pump Price Forecast as $12M Buyback Fuels Scarcity — Is $0.01 in Sight?
- SUI Price Prediction as Mysten Labs Meets SEC Ahead of ETF Decision—Is $7.5 Next?
- Can Dogecoin Price Hit $1 as Derivative Volume Jumps Ahead of DOGE ETF Launch
- Bitcoin Price Prediction Eyes $150K as Trump Calls for Aggressive 100 BPS Rate Cut
- Solana Price Prediction: Can Nasdaq Listing and $94M Holdings Propel SOL Toward $400?
