Bitcoin Registers $2.6 Billion Weekly Inflows Amid Growing Wall Street Interest
Bitcoin is making Waves in the financial world once again, breaking its all-time high of $71,000 on Monday, March 11. This rise comes with a significant increase in market interest, especially from Wall Street players, as evidenced by recent developments. CoinShares report.
Meanwhile, the latest CoinShares report showed $2.6 billion inflows into Bitcoin last week. This influx underscores the growing confidence in cryptocurrencies, especially among institutional investors.
Bitcoin Registers $2.6 Billion Inflow Amid Wall Street Buzz
CoinShares’ latest report reveals an important turning point in the cryptocurrency market. With a record-breaking $2.7 billion in inflows into digital asset investment products, total year-to-date inflows rose to $10.3 billion, nearly matching the entire 2021 record.
Meanwhile, Bitcoin stands out as the primary focus of investors, generating $2.6 billion in inflows for the year, representing 14% of total Assets Under Management (AuM). The report suggests that the increase is largely attributed to the strong inflow witnessed by US Spot Bitcoin issuers.
In other words, this increase in Bitcoin flows is indicative of Wall Street’s growing interest in the digital currency. Despite recent price increases, investors continue to pour funds into Bitcoin; Even short Bitcoin products witnessed another $11 million inflow last week.
Additionally, other cryptocurrencies such as solana, Polkadot, fantom, Chainlink, and Uniswap are also seeing significant inflows, signaling a broader shift towards digital assets.
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A Closer Look at the Report
The Digital Asset Fund Flows Weekly Report showed that last week’s inflows brought the year-to-date total to $10.3 billion, approaching the 2021 record of $10.6 billion. While Bitcoin attracts attention with its massive flows, other cryptocurrencies are experiencing various luck.
Meanwhile, Solana revived with inflows worth US$24 million, while Ethereum experienced small outflows of US$2.1 million. Additionally, other notable streams include polkadot, Fantom, chainlink, and uniswap.
Regionally, the USA led with an inflow of 2.8 billion dollars, followed by Switzerland and Brazil. However, profits were made and outflows were recorded in Canada, Germany and Switzerland. Overall, recent price gains have pushed total assets under management to a record high of US$94.4 billion, reflecting investor interest in digital assets.
Meanwhile, recent data shows that investor interest in cryptocurrency is increasing; This is evident in the strong inflow into the US Spot Bitcoin ETF, signaling increased institutional involvement from Wall Street. This influx boosted investor confidence and pushed Bitcoin to all-time highs.
Additionally, market analysts are optimistic about the future of BTC, especially due to the upcoming Bitcoin Halving event. Historical trends show post-halving rallies, further strengthening investors’ sensitivity to Bitcoin’s potential trajectory. As reported by parofix Media, a prominent Bitcoin analyst suggests that BTC price has reached $337,000 based on macro events and bullish technical indicators.
Also Read: Reddit’s Highly Anticipated US IPO Eyes $6.4 Billion Valuation
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A seasoned professional with 3 years of experience in the financial market, Rupam has honed his skills as a meticulous research analyst and insightful journalist. She enjoys exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond traditional boundaries. His contributions include breaking news, examining AI-related developments, providing real-time crypto market updates, and providing insightful economic news. Rupam’s journey is marked by his passion to demystify the intricacies of finance and deliver impactful stories that will resonate with diverse audiences.
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