Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Investment products related to digital assets experienced inflows of $114 million during the week of April 11, as investors directed funds into Bitcoin (BTC), as reported by CoinShares.
This week’s inflow represents the fourth consecutive week of positive movement for crypto products. CoinShares noted that total inflows during this timeframe have now reached $345 million.
Source: CoinShares
Bitcoin inflow exceeds $100 million
BTC accounted for the majority of inflows into crypto investment products, capturing 91% — or $104 million — of the total investments for the week.
The leading digital currency traded above $30,000 for the first time in nearly a year. Its adoption also hit a new record high, with more addresses holding at least 0.1 BTC than ever before.
In the meantime, CoinShares investment strategist James Butterfill stated that the BTC inflows suggest a “flight to safety by investors concerned about the ongoing challenges in traditional finance.”
Butterfill further commented:
Related Posts
“This improving sentiment comes at a time of very low volumes in the Bitcoin market, averaging just $5.6 billion per day compared to $12 billion for the full year.”
However, he pointed out that “opinion remains divided” as Short Bitcoin products also recorded inflows of $14.6 million.
BTC’s total inflow for the year-to-date stands at approximately $78 million.
Ethereum and others experience minimal inflow
Ethereum (ETH) recorded an inflow of $300,000 in the past week, despite the completion of its Shapella upgrade. The Shapella upgrade is the first significant ETH network update since the Merge and allows validators to withdraw their staked ETH.
This upgrade had a positive impact on ETH’s price, pushing it above $2100 for the first time since May 2022. As of the latest update, over 1 million ETH have been withdrawn.
According to CoinShares, there was minimal activity in altcoins, with the exception of Polygon (MATIC) and Solana (SOL), which experienced outflows of $2.1 million each.
Meanwhile, blockchain equities returned to their pre-FTX levels, witnessing inflows of $5.8 million during the reviewed week. The total assets under management for this product reached $1.9 billion — the highest since October 2022.
The post Investors flock to Bitcoin after Ethereum’s Shapella upgrade appeared first on CryptoSlate.
