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Breaking: Bitcoin Leads With $1.09 Bln Inflow Amid Bullish Outlook On ETH & ADA

Bitcoin accounted for nearly 98% of the digital asset investment products inflows last week amid a price surge to $48,000.
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Breaking: Bitcoin Leads With $1.09 Bln Inflow Amid Bullish Outlook On ETH & ADA

Highlights

  • Bitcoin recorded about 98% of the digital asset fund inflows last week.
  • Bitcoin's price surge trickled down to other top cryptocurrencies.
  • A bullish sentiment has been noticed for Ethereum and Cardano,

Bitcoin (BTC), the largest crypto, registered massive inflows from digital asset investment products. Moreover, Bitcoin accounted for nearly 98% of these inflows, thanks to the Spot Bitcoin ETFs. In addition, a bullish sentiment was noticed for Ethereum (ETH) and Cardano (ADA).

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Bitcoin Bags 98% Of Digital Asset Fund Inflows

According to a recent report by CoinShares, digital asset investment products witnessed weekly inflows totaling $1.1 billion. Moreover, these massive inflows pushed the year-to-date inflows to $2.7 billion. This surge in investment activity has propelled the total assets under management (AuM) to its highest level since early 2022, reaching $59 billion.

The spotlight remained on the newly introduced Spot Bitcoin ETFs in the United States, which garnered a notable $1.1 billion in net inflows last week alone. Since their launch on January 11th, these ETFs have accumulated inflows totaling $2.8 billion, indicating a strong investor appetite for Bitcoin exposure within the traditional financial infrastructure. Bitcoin remains the dominant force in attracting investor funds, capturing nearly 98% of the total inflows.

Despite concerns surrounding potential outflows from existing investment products, the report suggests that the pace has notably decelerated. However, the forthcoming sale of Genesis holdings worth $1.6 billion could potentially trigger further outflows in the near future.

Regionally, while outflows from other regions have cooled off, minor outflows were observed from Canada and Germany, amounting to $17 million and $10 million, respectively. In contrast, Switzerland experienced inflows of $35 million last week, underscoring the global interest in digital asset investment products.

Also Read: Spot Bitcoin ETF: Analyst Says ‘Magnitude of Impact Not Priced In’

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Digital Asset Fund Inflows For Altcoins

The bullish sentiment surrounding Bitcoin’s price appreciation has also spilled over to other major cryptocurrencies, notably Ethereum and Cardano. Ethereum witnessed inflows of $16 million, while Cardano saw inflows of $6 million, reflecting growing investor confidence in these alternative assets.

Additionally, minor inflows were observed in other cryptocurrencies such as Avalanche (AVAX) with $0.5 million and Polygon (MATIC) with $0.4 million inflows, respectively. Moreover, Tron (TRX) accounted for $0.4 million in inflows. Conversely, minor outflows were recorded for Uniswap and Short-Bitcoin, totaling $0.5 million and $0.4 million, respectively.

While blockchain equities experienced outflows from one issuer amounting to $67 million, other issuers saw inflows totaling $19 million. This suggests a mixed sentiment within the blockchain equities market, with certain issuers attracting investor interest while others witness divestment.

Also Read: Expert Anticipates Bitcoin Correction To $33K, But There’s A Positive Side

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

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