• 18 June, 2024
Market News

Bitcoin’s Weekly Inflow of $703M Constitutes 99% of All Inflows: Report

According to the weekly report of the cryptocurrency fund flows released by Coinshares, Bitcoin saw an astounding inflow of $703 million, which constitutes 99% of all inflows. With $13 million inflows, Solana surpassed Ethereum and Avalanche, which witnessed outflows of $6.4 million and $1.3 million respectively.

Reportedly, digital asset investment products boasted a staggering inflow of $708 million over the last week. The year-to-date inflows marked $1.6 billion. As per the analysis, trading volume in ETPs plummeted to $8.2 billion from last week’s $10.6 billion. However, the current data shows a significant increase from last year’s weekly average of $1.5 billion inflows.

Reportedly, the Spot Bitcoin ETFs launched on January 11 boast a total of $7.7 billion in inflows since its launch. Over the week, these ETFs saw an inflow of $1.7 billion, while the four-week data showed an inflow of $1.9 billion in inflows.

As per the list published by Coinshares, iShares’ ETF, iShares Bitcoin Trust (IBIT), has secured the dominant position, with an inflow of $883.5 million in the last week. Closely following is Fidelity’s ETF with $674.3 million in inflows. Meanwhile, the financial giant Grayscale saw a massive $926.7 million in outflows.

In the initial days, Grayscale led the ETF arena with impressive inflows. However, over the past few days, other ETFs like IBIT and Fidelity’s FBTC have been outpacing Grayscale.

Chinese reporter Colin Wu shared an X post on his Wu Blockchain page, giving insights on the large inflows of digital assets investment products. Reportedly, the global Assets Under Management is marked at $52,883 billion.

In digital asset investment products’ inflows, the United States leads with $721 million. Other countries like Switzerland, Germany, and Brazil saw modest inflows valued at $20.9 million, $3.5 million, and $1.3 million, respectively. 

Optimism Soars While Fetch.ai Falters: What's Driving the Divergence? Read Previous

Optimism Soars While Fetch.ai Falters: What's Driving the Divergence?

Friend.Tech Fades After Initial Frenzy, Buterin Remains Bullish on Farcaster and Lens Read Next

Friend.Tech Fades After Initial Frenzy, Buterin Remains Bullish on Farcaster and Lens