Bitcoin Attracts $3 Billion Weekly Inflows as Prices Neared $100K Milestone

Digital asset investment products experienced a record-breaking week, with $3.13 billion in inflows, pushing total investments since mid-September – the start of US interest rate cuts – to $15.2 billion.

According to CoinShares, year-to-date inflows have soared to $37 billion, thereby setting a new milestone and outshining the initial success of US Gold ETFs, which attracted only $309 million in their first year. Bitcoin ETFs continued to shine, with the largest inflows on record last week.

With Bitcoin prices climbing to new heights and edging closer to $100k, the cryptocurrency saw $3 billion in inflows, highlighting strong investor demand. However, this bullish momentum was accompanied by a notable uptick in short-Bitcoin investments, which saw $10 million in weekly inflows. Over the month, inflows into short-Bitcoin products reached $58 million, representing the highest monthly total since August 2022.

In its latest report, CoinShares revealed that Solana led the altcoin pack last week with $16 million in inflows, far surpassing Ethereum’s $2.8 million, though it continues to trail the latter’s year-to-date performance.

Meanwhile, XRP, Litecoin, and Chainlink each saw significant inflows, reaching $15 million, $4.1 million, and $1.3 million, respectively. Cardano, too, garnered a modest inflow of $0.7 million during the same period.

In contrast, multi-asset investment products suffered outflows for the second week in a row, with a total of $10.5 million exiting the market.

While the United States recorded $3.2 billion in inflows, profit-taking activities in Sweden, Germany, and Switzerland led to outflows of $84 million, $40 million, and $17 million, respectively, following recent price surges. Brazil also experienced a significant outflow of $12.5 billion, further dampening the global picture.

However, Canada, Hong Kong, and Australia offered a silver lining, drawing inflows of $31 million, $30 million, and $9 million as market sentiment turned positive in these regions.

The post Bitcoin Attracts $3 Billion Weekly Inflows as Prices Neared $100K Milestone appeared first on CryptoPotato.

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

Latest posts

post-thumbnail
Cardano (ADA) Poised for 30% Rally, Here’s Why
The post Cardano (ADA) Poised for 30% Rally, Here’s Why appeared first on Coinpedia Fintech News A...
READ MORE
post-thumbnail
FDIC Asked Banks To Pause Crypto-Asset-Related Activity, Court Documents Reveal
The post FDIC Asked Banks To Pause Crypto-Asset-Related Activity, Court Documents Reveal appeared fi...
READ MORE
default post thumbnail
Analyst Says Bitcoin Price At $100,000 Is A ‘Dangerous Zone’, Predicts Massive Crash
The Bitcoin price recently achieved a monumental milestone, crossing the $100,000 threshold for the ...
READ MORE
default post thumbnail
Trump’s Crypto Czar David Sacks Is Super Bullish For Solana: Here’s Why
Solana (SOL) could be one of the biggest winners from the nomination of David O. Sacks as White Hous...
READ MORE
default post thumbnail
Cardano Whales Keep Buying – Price Holds Above Crucial Mark
Cardano (ADA) has demonstrated impressive resilience, holding firmly above the critical $1.15 level ...
READ MORE
default post thumbnail
Dogecoin Price Analysis: Ascending Triangle On 2-Hour Chart Shows DOGE Is Still Very Bullish
Crypto analyst KrissPax has provided a bullish outlook for the Dogecoin price, recently indicating t...
READ MORE
Read more posts