Bitcoin, Ethereum Sets Record With $2.45 Billion Inflow

Investors set a record by investing $2.45B in Bitcoin and Ethereum last week, which led to a total of $5.2B invested in crypto this year. 

Investors set a new record for the amount invested in funds based on Bitcoin and Ethereum last week. The most recent Digital Asset Fund Flows Weekly Report published by CoinShares reported a record weekly inflow of $2.45 billion into Bitcoin and Ethereum products.

Recent improvements in investor sentiment have contributed to an increase in the amount of capital flowing into significant cryptocurrency assets.

In addition, investors are currently pondering whether or not this rapid increase in inflows will be the driving force behind an amazing rally in the price of Bitcoin and Ethereum.

Investors poured a record-breaking $2.45 billion into digital asset investment products each week, surpassing previous levels. Investors have poured an incredible $5.2 billion into crypto-based products up to this year.

In addition to recent strong price moves, these inflows have caused the total assets under management (AUM) to exceed $67 billion, which is the highest level it has been since December 2021. The CoinShares report also underlines that over 99% of the inflows went into Bitcoin.

However, other investors took advantage of the opportunity to raise their short positions in the cryptocurrency which resulted in inflows of $5.8 million. Even Ethereum has benefited from the $21 million inflows received.

Nevertheless, there have been withdrawals totaling $1.6 million due to the recent disturbance that Solana brought about. Among the businesses that have continuously experienced weekly inflows throughout this year.

Avalanche, Chainlink and Polygon have all experienced inflows of 1 million dollars, 9 million dollars respectively. 99% of the inflows or $2.4 billion came from the United States making it the leader in the region.

As a result, this indicates a substantial increase in net inflows which are spread across numerous providers. It also implies that spot-based exchange-traded funds are gaining popularity at an increasing rate.

At the same time, the number of withdrawals made by existing participants has significantly decreased. The amount of money that left Sweden was 2 million dollars whereas other regions such as Germany and Switzerland experienced moderate inflows of 13 million dollars and 1 million dollars respectively.

More and more institutional investors are jumping on the cryptocurrency bandwagon due to the hype surrounding Bitcoin exchange-traded funds (ETFs).

Several cryptocurrencie including Bitcoin appear to have a promising future with Bitcoin at the forefront of the pack. Many organizations have been proposing the possibility that the price of the original cryptocurrency will go up shortly.

Bitwise has forecast that the price of Bitcoin will surpass $80,000 in 2024. This includes the projections they have made. According to Coinbase, the primary focus will continue to be on institutional investments in Bitcoin until at least the first half of 2024.

The weekly inflow report released today further supports the hypothesis that Bitcoin may reach its all-time high bullish level in the upcoming months of 2024.

On the other side, the forecast for Ethereum is likewise on the optimistic end of the spectrum of market expectations. When it comes to smart contracts, Ethereum is widely considered to be a pioneering platform.

As a result of the disclosure of Vitalik’s Ethereum 2024 plan and the forthcoming Cancun update, numerous institutions anticipate significant developments in Ethereum Layer 2, particularly in the year 2024.

While there has been an increase in the number of applications and uses of Ethereum, it is anticipated that the value of the cryptocurrency will also continue to rise in the years to come.