Bitcoin Above $72,000 as Digital Asset Products See Surge in Inflows

[Pelican Press 0]

Bitcoin Above $72,000 as Digital Asset Products See Surge in Inflows

Digital asset investment products attracted $646 million in inflows last week, with receiving the lion’s share. BTC saw its price jumped 4.5% to above $72,000 today.

Digital assets witnessed a surge in investor interest last week, as evidenced by the recent inflows into various digital asset investment products. Last week, $646 million poured into these vehicles, pushing the year-to-date inflows to an unprecedented $13.8 billion.

The most significant focus of the inflows continues to be Bitcoin, with $663 million in inflows in Bitcoin investment products last week. The flagship cryptocurrency is up 4.51% on the day, trading for $72,384.64 at the time of writing.

Bitcoin Inflows Continue to Dominate

Bitcoin, the world’s largest cryptocurrency by market capitalization, continues to be the unwavering focus of investors. In the past week alone, $663 million was poured into Bitcoin investment products, demonstrating the asset’s enduring confidence.

Notably, short-bitcoin investment products experienced outflows for the third consecutive week, amounting to $9.5 million, indicating a slight capitulation among bearish investors who had been ******** against the cryptocurrency.

Moderation in Digital Asset ETF Investors?

Despite the ongoing interest, there has been a moderation in ETF investors’ appetite, with weekly flow levels not reaching the highs seen in early March. The trading volume in the last week decreased to $17.4 billion, a significant drop from the $43 billion recorded in the first week of March.

This could be attributed to investors taking a more cautious approach amid the heightened volatility in the cryptocurrency market.

While Bitcoin ******** a dominant force, there is a notable trend of diversification among investors. , the second-largest cryptocurrency, saw outflows for the fourth consecutive week, totaling $22.5 million.

However, this was counterbalanced by inflows into other altcoins such as , , and , which collectively saw inflows of nearly $10 million. This shift in focus suggests that investors are not solely fixated on Bitcoin but are also exploring the potential of other blockchain-based projects.

The sentiment towards digital assets ******** divided on a regional basis. The ******* States, the largest cryptocurrency market, witnessed inflows of $648 million, with countries like Brazil, Hong Kong, and Germany also experiencing positive inflows.

On the other hand, Switzerland and Canada saw outflows, indicating a more cautious approach in these markets.

Bitcoin’s price has been on a roller coaster ride, with the current price at $72,384.64, marking a 4.51% increase from the previous close at the time of writing. The market capitalization of Bitcoin has now surpassed $1.4 trillion, cementing its position as a significant player in the global financial landscape.

***

Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our

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