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Bitcoin maintains prominence as 98% of capital flows into cryptocurrency investment vehicles.
On April 11, the European cryptocurrency investment company CoinShares released its most recent “Digital Asset Fund Flows Report,” indicating that digital asset investment products experienced a favorable trend, with inflows amounting to $57 million last week, returning them to a net positive status for the year. Nevertheless, “volumes were low at $970 million for the week.” The global Bitcoin (BTC) exchange market also recorded low volumes, “only 25% of the year-to-date average at $18 billion for the week.”
Weekly crypto asset flows in millions (U.S. dollars). Source: CoinShares
The report indicates that inflows were mainly propelled by investors in the United States, which accounted for $27 million in inflows. Germany, Switzerland, and Canada also exhibited positive sentiment, with inflows of $17 million, $13 million, and $2.2 million, respectively, reflecting a widespread increase in confidence towards digital assets.
Investors predominantly concentrated on Bitcoin, which attracted $56 million in inflows, representing 98% of the total inflows. Conversely, short-Bitcoin experienced slight outflows totaling $0.6 million. In comparison, altcoins — such as Uniswap’s UNI (UNI), Polkadot’s DOT (DOT), and Polygon’s MATIC (MATIC) — recorded minor inflows of less than $1 million each.
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The report further highlights that, despite the Ethereum network’s Shapella upgrade set for April 12, Ether (ETH) inflows were relatively modest at $600,000, implying that investors may be hesitant to invest in ETH until they gain more assurance regarding the upgrade’s effects. Additionally, blockchain equities saw minor inflows totaling $2.1 million, suggesting a relatively subdued week for this market segment.
Related: Ethereum price retests key support level that preceded 60% gains in June 2022
Overall, the positive sentiment in the digital asset market last week — despite low volumes — suggests that investors remain optimistic about the future of cryptocurrency. As previously reported by Cointelegraph, Bitcoin has regained $30,000, its highest price since June 2022. Over the past 30 days, BTC has recorded gains of nearly 46%, reaching its highest level in 10 months on April 11.
Bitcoin price chart. Source: CoinGecko
On April 5, the American business intelligence firm MicroStrategy acquired an additional 1,045 BTC for its expanding crypto treasury, totaling approximately $29.3 million at an average price of $28,016 per BTC. Saylor has been a notable advocate for Bitcoin, encouraging businesses to integrate the leading cryptocurrency into their strategic asset allocation. He has consistently underscored his conviction that Bitcoin is the most reliable and secure store of value available in the current market, offering a unique opportunity for companies to protect their assets against inflation.
