Bitcoin Drives $882M Weekly Inflows into Digital Assets

Bitcoin (BTC) continues to flex its dominance as the highest digital asset, attracting $867 million in inflows final week alone, in keeping with a contemporary CoinShares report revealed on Might 12.

This inflow led the broader crypto funding merchandise market, which collectively noticed $882 million in inflows, marking the fourth consecutive week of beneficial properties and lifting year-to-date totals to $6.7 billion.

Document ETF Inflows

The surge in investor confidence comes in opposition to a backdrop of rising international liquidity and inflationary considerations within the U.S., which have sparked renewed curiosity in crypto as a hedge.

In keeping with CoinShares analysts, the uptick in influx is especially on account of a confluence of macroeconomic components, together with an increase in M2 cash provide and heightened stagflation dangers. Moreover, BTC’s rising institutional enchantment, topped by a number of U.S. states formally recognizing the flagship cryptocurrency as a strategic reserve asset, helps to cement its position as a digital secure haven.

The CoinShares report confirmed that U.S.-listed crypto ETFs have now reached a report $62.9 billion in cumulative internet inflows since launching in January 2024, topping the earlier peak of $61.6 billion recorded in early February.

Regionally, america was the principle driver of final week’s exercise, with $840 million in inflows, adopted by Germany, which raked in $44.5 million, and Australia, which attracted $10.2 million. The story was totally different for Canada and Hong Kong, which registered outflows of $8 million and $4.3 million, respectively.

Ethereum Struggles for Traction

CoinShares additionally famous that regardless of a pointy rise within the worth of Ethereum (ETH) in current days, its inflows nonetheless lagged considerably behind BTC, tallying simply $1.5 million final week.

Sui drew consideration, attracting $11.7 million and outperforming Solana (SOL), which misplaced $3.4 million price of capital. Moreover, Sui has collected $84 million year-to-date, overtaking SOL’s $76 million and presumably signaling a shift in investor sentiment inside the Layer-1 ecosystem.

Other than shining in fund flows, from a worth perspective, Bitcoin additionally appears to be like to be sustaining its momentum. On the time of this writing, it was buying and selling at $103,853, down a modest 0.8% previously 24 hours. Nonetheless, within the final week, it has gained 10.3%, shifting inside a 7-day vary of $93,724 to $104,710, in keeping with CoinGecko.

Whereas it has barely underperformed the broader crypto market, which went up 13.3% within the earlier seven days, the primary crypto asset’s 30-day efficiency is strong, gaining 24.5% in that point. It stays simply 4.6% under its all-time excessive of $108,786.