Bitcoin Dominates Weekly Institutional Inflows

Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term saw a massive jump in weekly institutional crypto inflows last week after BTC-related investment products attracted $225 million during the mentioned period. Overall, the digital asset investment products saw inflows worth $226 million in the recent week.

According to the latest digital asset weekly fund flows report published by CoinShares, Bitcoin dominated the weekly institutional inflows due to the recent turnaround in its market sentiment. Bitcoin is up by nearly 20% in the last seven days. The world’s largest cryptocurrency is currently trading near $57,000, its highest level since May 2021. BTC now accounts for approximately 47% of the total crypto market cap.

Apart from Bitcoin, Solana (SOL) and Cardano (ADA) have seen decent inflows in the last week. SOL investment products saw inflows worth $12.5 million last week while ADA investment products attracted $3 million during the mentioned period. Polkadot, XRP and Litecoin did not fare so well with outflows of US$2.1m, US$0.6m and US$0.2m, respectively.

“Bitcoin saw inflows totaling US$225m, comprising a significant majority of the total. We believe the turnaround in sentiment towards BTC is due to constructive statements from SEC chair Gary Gensler, potentially allowing a Bitcoin ETF in the US. Our recent survey data also highlights greater institutional participation in the asset class. Ethereum Ethereum Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Read this Term saw minor outflows totaling US$14m and continues to lose market share to Bitcoin, having fallen 1% to 24% of AuM over the last week alone,” CoinShares highlighted in the report.

Institutional Interest in Bitcoin

Due to the latest price surge, Bitcoin saw a jump in institutional interest. In its recent research note, JPMorgan, one of the world’s largest investment banks, mentioned that institutional investors are considering BTC as an inflation hedge. Furthermore, Bitcoin’s network activity including its mining revenues grew substantially in the latest week. BTC miners are now earning over $40 million per day.

Overall, global crypto assets under management crossed the level of $66 billion last week. The number includes $45 billion worth of Bitcoin assets under management.