CoinShares said on Monday that digital asset investment goods got a big $932 million in new money for the second week in a row. In direct response to the new Consumer Price Index (CPI) report, this was made.
The study found that 89% of all inflows happened in the last few days of trading. This suggests a strong link between how people feel about interest rates and the price of Bitcoin. Even though many new funds came in, trading stayed low at $10.5 billion for the week. This is a big drop from March when $40 billion was turned over.
With $1.002 billion entering the market the previous week, the United States became the biggest source of new money in the area. It’s worth noting that Grayscale has had big losses of $16.6 billion since the ETF started in January. However, it had small gains of $18 million for the first time.
Digital Asset Regional Contrasts Inflows vs. Outflows
Switzerland and Germany also received small amounts of money, $27 million and $4.2 million, respectively. In contrast, $83 million and $17 million left Hong Kong and Canada, respectively.
Most of the money, $942 million, went into Bitcoin. Almost no funds went into short Bitcoin, showing investors’ optimism. A lot of funds also came into some altcoins, with Solana, Chainlink, and Cardano leading the way.
On the other hand, Ethereum faced a bearish mood, mostly because of doubts about the Securities and Exchange Commission’s (SEC) approval of a spot-based ETF. This caused another $23 million to leave the market.
Unlike digital assets, blockchain stocks have seen steady outflows, with only six of the 20 weeks this year seeing inflows. So far this year, $512 million has been taken out of these stocks, showing that investors are cautious in this area.
Bitcoin ended the week on a good note, with a value of around $66,300, 7.8% higher than the previous week’s end value. One important factor in last week’s price rise was the return of demand for BTC Spot ETFs.
In January 2024, Grayscale’s ETF (GBTC) moved from a trust to an ETF. It had its first net entry of the week. Trade volumes for Bitcoin ETFs have stayed the same, but these numbers show that demand has stayed high. Daily trade volumes have stayed at levels seen in the last few weeks.
Investors are interested in digital assets again, especially since the economy isn’t clear and rules are changing. This is shown by the rise in demand for Bitcoin ETFs.
