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by BSC News
February 19, 2024
Bitcoin led the charge, capturing nearly all product inflows, with only $5.8 million flowing into short-Bitcoin products.
The cryptocurrency market witnessed an unprecedented influx of $2.45 billion in digital asset investment products last week, setting a new milestone, as revealed by the latest report from CoinShares.
This staggering figure brings the year-to-date inflows to an astounding $5.2 billion, with the week ending on February 16 acting as a major catalyst.
The United States played a pivotal role, contributing $2.4 billion, accounting for a staggering 99% of the total inflows.
Bitcoin emerged as the frontrunner, spearheading the surge by capturing nearly all the product inflows. Notably, a mere $5.8 million flowed into short-Bitcoin products, highlighting the bullish sentiment surrounding the flagship cryptocurrency.
Ethereum, the second-largest cryptocurrency by market capitalization, saw substantial inflows totaling $21 million.
While alternative cryptocurrencies such as AVAX, LINK, and MATIC witnessed minor inflows, the standout performer was Solana (SOL), which experienced outflows amounting to $1.6 million.
Data from ETC Group revealed a significant uptick in year-to-date net flows into global Bitcoin exchange-traded funds (ETFs) and products, with a notable increase since the beginning of February. This surge is partly attributed to a slowdown in outflows from Grayscale's converted GBTC fund, as indicated by data from The Block.
Last Thursday marked a pivotal day for ETF inflows, totaling $389.55 million against an outflow of $168 million. BlackRock's iShares Bitcoin ETF (IBIT) secured the lion's share of inflows, receiving a substantial $224.3 million on that day alone.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article
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