Bitcoin Investment Products Saw $39 Million Worth of Inflows Last Week

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 (BTC), the world’s most valuable digital asset, regained its title as the most popular cryptocurrency among institutional investors last week after BTC-related investment products saw inflows worth $39 million within the last seven days.

CoinShares, one of the largest digital asset managers in the world, recently published its digital asset weekly fund flows report and highlighted a positive turnaround in crypto investment products. Bitcoin, 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, XRP and Polkadot attracted substantial inflows during the last seven days.

Overall, cryptocurrency investment products saw inflows worth $63 million last week, breaking a 4-week run of crypto outflows. Ethereum (ETH), the world’s second-largest cryptocurrency, saw weekly inflows of $18 million.

“For the first time in 5 weeks, digital asset investment products saw inflows totaling US$63m last week. And, for the first time in 9 weeks, inflows were seen across all individual digital assets implying a turnaround in sentiment amongst investors. While there were inflows last week, Bitcoin investment product trading turnover was the lowest since November 2020. A similar observation was seen more broadly across the whole of the Bitcoin ecosystem with volumes down 38% relative to the average for 2021,” CoinShares mentioned in the report.

During the last week of June 2021, Ethereum-related investment products saw outflows worth $50 million, which is the highest level on record.

Bitcoin, Ethereum, and XRP

Apart from Bitcoin’s $39 million weekly inflows and $18 million worth of inflows in Ethereum products, XRP attracted over $1.2 million worth of investment. Cardano and Polkadot attracted $2.1 million and $0.7 million, respectively during the same period. In terms of price action, Bitcoin and XRP saw marginal gains in the last week. On the other hand, Ethereum jumped by more than 10% over the last seven days.

Currently, Bitcoin is trading near $35,000 with a market cap of over $650 billion. The price of ETH has jumped above $2,300 while XRP is trading near $0.67 with a market cap of more than $30 billion.