Digital asset investment products like Bitcoin and others witnessed a weekly inflow of funds rising, for a sixth week.
According to the Digital Asset Fund Flows Weekly Report by CoinShares, it’s revealed that digital asset investment products saw inflows totaling $261 million. This marks the continuation of bullish sentiments of the crypto trade market, accumulating a total of $767 million in inflows over the last six weeks.
Bitcoin Weekly Inflows
As per a recent report, of all the digital assets, Bitcoin saw most of the rise in share with inflows, totaling $229m. The calculation of inflows takes the total inflows in 2023, to US$842m.
Furthermore, if the inflows continue to rise, amid the speculation of spot ETF approval of Bitcoin, there could be a massive hike and rise in the growth of Bitcoin amongst traders and investors.
Speaking of Bitcoin price, it witnessed a 0.20% upward trend, trading at $35,193.33. In addition, the market cap of the crypto was up 0.22% to $688.07 billion, while its volume over the past 24 hours was up 27.43% to $13 billion.
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Ethereum Witnessed Largest Inflows Since August 2022
Speaking of Ethereum, it also witnessed the largest inflows since August 2022, totaling US$17.5 million. As per the shared report, Ethereum started with bad outflows this year, totaling US$107 million, but later recorded the largest inflows since August 2022.
Furthermore, the price of Ethereum is trading at a 0.32% upward trend of $1,899.06, with a market cap value of $228.30 billion and a circulating supply of 120,269,158, during writing.
Besides Bitcoin and Ethereum, which were the highlights of the digital asset’s inflows, other altcoins, such as Solana saw inflows totaling $11 million, while Chainlink witnessed inflows of $2 million. These altcoins represented 17% of total assets under management, whereas the other digital assets Polygon and Cardano, reportedly saw inflows of $0.8 million and US$0.5 million, respectively.
Lastly, as per the CoinShares data, investments saw major gains by investors in, the U.S., Switzerland, and Canada.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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