Investors Pour $261 Million into Digital Assets, Bitcoin Leads Inflows
Digital asset investment products, including Bitcoin, have seen a significant increase in weekly inflows for the sixth consecutive week. According to the Digital Asset Fund Flows Weekly Report by CoinShares, these investment products have received a total of $261 million in inflows. This positive trend in the crypto market has resulted in a total of $767 million in inflows over the past six weeks.
Bitcoin has seen the highest inflows among all digital assets, with a total of $229 million. This brings the total inflows for Bitcoin in 2023 to $842 million. The speculation of a spot ETF approval for Bitcoin has further fueled the rise in inflows, indicating a potential increase in growth and popularity among traders and investors.
In terms of price, Bitcoin has experienced a 0.20% upward trend, currently trading at $35,193.33. Its market cap has also increased by 0.22% to $688.07 billion, with a trading volume of $13 billion in the past 24 hours.
Aside from Bitcoin, Ethereum has also seen a significant increase in inflows, reaching its highest level since August 2022 with $17.5 million. Ethereum started the year with outflows totaling $107 million but has now rebounded with strong inflows. Ethereum is currently trading at a 0.32% upward trend, valued at $1,899.06, with a market cap of $228.30 billion and a circulating supply of 120,269,158.
Other altcoins, such as Solana and Chainlink, have also experienced inflows of $11 million and $2 million, respectively. These altcoins represent 17% of the total assets under management. Polygon and Cardano have also seen inflows of $0.8 million and $0.5 million, respectively.
According to CoinShares data, investors from the U.S., Switzerland, and Canada have made significant gains through these investments.
Please note that the opinions expressed in this article are the author’s personal views and should not be considered as financial advice. It is essential to conduct thorough market research before making any investment decisions in cryptocurrencies. The author and the publication do not take any responsibility for personal financial losses.
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