Investors Pour $261 Mln into Digital Assets, Bitcoin Leads Inflows

Digital asset investment products like Bitcoin and others witnessed a weekly inflow of funds rising, for a sixth week.

According to the Digital Asset Fund Flows Weekly Report by CoinShares, it’s revealed that digital asset investment products saw inflows totaling $261 million. This marks the continuation of bullish sentiments of the crypto trade market, accumulating a total of $767 million in inflows over the last six weeks.

Bitcoin Weekly Inflows

As per a recent report, of all the digital assets, Bitcoin saw most of the rise in share with inflows, totaling $229m. The calculation of inflows takes the total inflows in 2023, to US$842m.

Furthermore, if the inflows continue to rise, amid the speculation of spot ETF approval of Bitcoin, there could be a massive hike and rise in the growth of Bitcoin amongst traders and investors.

Speaking of Bitcoin price, it witnessed a 0.20% upward trend, trading at $35,193.33. In addition, the market cap of the crypto was up 0.22% to $688.07 billion, while its volume over the past 24 hours was up 27.43% to $13 billion.

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Ethereum Witnessed Largest Inflows Since August 2022

Speaking of Ethereum, it also witnessed the largest inflows since August 2022, totaling US$17.5 million. As per the shared report, Ethereum started with bad outflows this year, totaling US$107 million, but later recorded the largest inflows since August 2022.

Furthermore, the price of Ethereum is trading at a 0.32% upward trend of $1,899.06, with a market cap value of $228.30 billion and a circulating supply of 120,269,158, during writing.

Besides Bitcoin and Ethereum, which were the highlights of the digital asset’s inflows, other altcoins, such as Solana saw inflows totaling $11 million, while Chainlink witnessed inflows of $2 million. These altcoins represented 17% of total assets under management, whereas the other digital assets Polygon and Cardano, reportedly saw inflows of $0.8 million and US$0.5 million,  respectively.

Lastly, as per the CoinShares data, investments saw major gains by investors in, the U.S., Switzerland, and Canada.

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