Bitcoin and solana Rising With $947 Million Inflow, Is BTC Price Ahead of Uptrend?
As noted in CoinShares’ latest Digital Asset Fund Flows Weekly Report, the cryptocurrency market is witnessing a significant inflow of funds as a result of interesting events. Bitcoin and Solana, the two major players in the crypto arena, are at the forefront of this increase, experiencing a total inflow of $946.9 million. This remarkable development underlines the increasing interest and confidence of investors in these digital assets.
Bitcoin and Solana Dominate Weekly flow
Bitcoin stole the spotlight last week, attracting a whopping $942 million in inflows, accounting for a staggering 99% of total funds flowing into digital asset investment products. Despite the increase in inflows, trading volumes remained at just $10.5 billion for the week, in stark contrast to the $40 billion seen in March.
Interestingly, the inflows were an immediate response to Wednesday’s lower-than-expected Consumer Price Index (CPI) report; The last three trading days of the week accounted for 89% of total flows. This highlights the view that Bitcoin price is reconnecting to interest rate expectations. Bitcoin’s dominance in this foray underscores its enduring appeal among investors and solidifies its position as the flagship cryptocurrency.
Meanwhile, Solana, known for its high-speed transactions and smart contract capabilities, had a Stellar performance with a notable inflow of $4.9 million. This increase outpaced other leading players such as Chainlink and Cardano, which experienced outflows of $3.7 million and $1.9 million respectively. Solana’s resilience and appeal for investors in the face of market fluctuations positions it as a cryptocurrency to keep a close eye on in the coming weeks.
So read: Bitcoin Price Today: Stock Market Supply Drops in ETF Second Wave Ahead of 1.7 Million BTC
US Dominates Inflows, ETFs Driving Crypto Investment Growth
Regionally, the United States led in inflows, seeing $1,002 million last week. Unusually, Grayscale, which has seen outflows of $16.6 billion since its January ETF launch, also saw a small inflow of $18 million for the first time. Switzerland and Germany also recorded small inflows of $27 million and $4.2 million respectively, while Hong Kong and Canada saw outflows of $83 million and $17 million respectively.
Despite mixed regional flows, Bitcoin’s price is up 0.07% to $66,887.42 as of press time, while its open positions are down 0.1% to the current valuation of $18 billion. Notably, the flagship cryptocurrency has gained over 6.49% in the last seven days. This data shows renewed interest in Bitcoin, driven by recent market developments and investor sentiment, potentially signaling the beginning of a permanent rise in the cryptocurrency market.
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