Cryptocurrency Investment Products Reported $21 Million Inflows Last Week

Cryptocurrency investment products attracted a total of $21 million last week. Despite the positive trend, weekly flows into crypto-related investment products have plummeted to the lowest level since October 2020.

According to the weekly digital asset inflows report published by CoinShares, 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 attracted a total of $5 million 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 remained the preferred cryptocurrency and attracted a large part of weekly inflows.

Finance Magnates earlier reported about the growing popularity of cryptocurrency Ethereum among institutional investors. During the second week of March, ETH accounted for nearly 50% of weekly crypto inflows.

“We have witnessed a significant reduction in inflows. We believe this is due to investors sitting on multi-year gains taking a profit. We continue to see net inflows into Bitcoin investment products overall, especially those products which have launched in the last 12-18 months. Volumes in cryptocurrency investment products averaged $788 million per day, compared to the $900 million for the whole of 2021, but remain well above the 2020 levels of $137 million,” the report mentioned.

Grayscale remained the world’s largest digital asset manager with a total of nearly $44 billion in cryptocurrency assets under management. The company has more than 650,000 Bitcoin under management with a total value of approximately $37.5 billion.

Cryptocurrency Market

The cryptocurrency market is up by nearly 4% in the last 24 hours. The overall market cap of digital currencies now stands at around $1.82 trillion. The world’s largest cryptocurrency Bitcoin is currently trading around $58,000 with a market cap of more than $1.07 trillion. BTC is up by more than 8% in the last 7 days. Ethereum remained the best-performing cryptocurrency among the top 5. ETH gained more than 7% in the last 24 hours as the world’s second-largest digital currency jumped above $1,800 for the first time since 21 March.

Due to the recent rise in altcoins, Bitcoin’s market dominance is plunging. The world's largest digital currency now has a market dominance of 59%, the lowest level since December 2020.