In the latest weekly review of fund flows by CoinShares, digital asset investment products experienced a significant increase in inflows, totaling $932 million. This represents a 716% rise from the previous week's $130 million.
The notable surge followed a lower-than-expected CPI report on Wednesday, with the last three trading days of the week, contributing 89% of total inflows, indicating a renewed link between crypto prices and interest rate expectations.
Yuri MolchanBitcoin (BTC) was the primary recipient of these inflows, underscoring its position as the leading cryptocurrency on the market. Bitcoin ETFs saw inflows amounting to $942 million over the week.
The absence of significant interest in short positions on BTC suggests a positive investor outlook. To date, Bitcoin investment products have accumulated $13.85 billion in inflows since the beginning of the year.
Cardano soars into spotlight
Among altcoins, several digital assets also saw notable inflows. Solana, Chainlink and Cardano (ADA) stood out with inflows of $4.9 million, $3.7 million and $1.9 million, respectively.
Cardano's inflows are particularly significant as it saw no inflows the previous week but recorded nearly $2 million this week. This brings the total investment in Cardano ETPs to $10 million for the year, reflecting increased investor interest in this asset.
Mushumir ButtOn the other hand, Ethereum faced challenges with outflows totaling $23 million. This bearish sentiment is tied to uncertainties surrounding the SEC's approval of a spot ETF, causing cautious investor behavior.
With substantial inflows into Bitcoin and Cardano last week, the growing confidence among investors in these digital assets can be confidently asserted.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Arman Shirinyan
Alex Dovbnya
Dan Burgin
Vladislav Sopov