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Bitcoin (BTC), XRP and Other Inflows Soar to $1.84 Billion in Biggest Bull Run Since 2021

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Mon, 4/12/2023 - 13:47
Bitcoin (BTC), XRP and Other Inflows Soar to $1.84 Billion in Biggest Bull Run Since 2021
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In a major bullish stride reminiscent of the 2021 crypto boom, the latest data from CoinShares reveals that digital asset investment products experienced an impressive surge, with inflows reaching a staggering $176 million last week.

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This marks the 10th consecutive week of inflows, bringing the cumulative total to an impressive $1.84 billion.

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The primary driver of this surge was Bitcoin, attracting a substantial $133 million in inflows. Notably, Short-Bitcoin, after a three-week spell of outflows, witnessed a resurgence, with $3.6 million flowing in last week.

XRP-focused exchange-traded products (ETPs) also saw a noteworthy uptick, with over half a million dollars flowing into these instruments. While the amount may seem modest, it represents a doubling from the previous week.

Year to date, XRP ETPs have accumulated $13 million, positioning it as the third-best performer among altcoins, trailing only Ethereum (ETH) and Solana (SOL).

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Source: CoinShares

Ethereum continued its positive momentum, securing inflows of $134 million in a monthlong streak. This marks a significant turnaround as net flows for Ethereum turned positive for the first time this year, following an extended period of negative sentiment.

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It can be considered that the current influx of funds represents the most substantial bull run since October 2021, coinciding with the launch of futures-based ETFs at that time.

However, despite a remarkable 107% increase in assets under management this year, reaching $46.2 billion, the total remains below the all-time high of $86.6 billion recorded in 2021.

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