Bitcoin (BTC) surged above $79,000 before the opening of Asian markets. News of a new offer from Iran to the US played a role in this rise, but it was short-lived.
After BTC experienced a sharp drop, quickly falling to levels around $77,600, Coinshares released its cryptocurrency report, stating that there was a $1.2 billion inflow last week.
“Cryptocurrency investment products saw inflows of $1.2 billion. This marks the fourth consecutive positive week.”
Bitcoin (BTC) Inflows Remain Strong!
Looking at crypto funds individually, inflows are concentrated in Bitcoin. BTC experienced inflows of $932.5 million, while the largest altcoin, Ethereum (ETH), saw inflows of $192.4 million.
Looking at other altcoins, XRP saw a $25 million inflow after last week’s surge. Besides XRP, Solana (SOL) also saw a $31.8 million inflow, and Chainlink (LINK) saw a $6.8 million inflow.
“There has been an inflow of $932.5 million into Bitcoin, bringing total inflows since the beginning of the year to $4 billion. There has also been an inflow of $16.5 million into Bitcoin short positions. This indicates that demand for hedging continues, but it is not high.”
Ethereum saw $192 million in inflows, marking the third consecutive week above $190 million.
Looking at regional fund inflows and outflows, the US ranked first with an inflow of $1.08 billion.
After the US, Germany ranked second with $61.7 million in inflows, while Switzerland came in third with $35.2 million.
These inflows resulted in Hong Kong experiencing outflows of $1.3 million, while France, Italy, the Netherlands, and Sweden saw smaller outflows.
*This is not investment advice.
