Weekly Crypto Inflow Surpasses $1 Billion, Bitcoin ETF Shines Bright

Weekly Crypto Inflow Surpasses $1 Billion, Bitcoin ETF Shines Bright

The crypto ecosystem witnessed a massive inflow of funds from institutional investors last week, underscoring strong acceptance as exhibited according to data from CoinShares. In its weekly report, CoinShares pegged the overall inflow into the crypto ecosystem at $1.1 billion, raising its year-to-date (YTD) flow to $2.7 billion.

The crypto ecosystem witnessed a massive inflow of funds from institutional investors last week, underscoring strong acceptance as exhibited according to data from CoinShares. In its weekly report, CoinShares pegged the overall inflow into the crypto ecosystem at $1.1 billion, raising its year-to-date (YTD) flow to $2.7 billion.

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The impressive performance in the cryptocurrency market last week marks one of the most ambitious for the market so far this year, with the surge in capital inflows driving assets under management (AUM) of cryptocurrency companies to $59 billion, the highest so far. from the beginning of 2022.

According to data from CoinShares, the spot Bitcoin ETF product accounted for the majority of recorded inflows, with a total sum of $1.1 billion. The firm highlighted that BlackRock’s iShares Bitcoin Trust (iBIT) recorded an inflow of $693.6 million, while Fidelity Investment’s FBTC raised $522.6 million.

While other spot Bitcoin ETF issuers showed activity, the next significant transaction came from Grayscale Investment’s GBTC, which dragged down assets with its $414.8 million outflow over the past week. The Ark 21Shares product also added a notable increase of $23.5 million as it became the third fund to enter the $1 billion AUM club.

Showing Bitcoin, Ethereum and Cardano

While the focus of the week was on Bitcoin, other major altcoins also contributed to the impressive influx of institutional investors. According to data from CoinShares, Ethereum (ETH) recorded a total of $16.5 million, while Cardano (ADA) managed to raise $6.1 million.

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Contributions from other altcoins such as Solana (SOL), XRP, and Tron (TRX) were significantly insignificant compared to the bullish figures obtained.

The broader market has traded in a strange range over the past week, with the price of Bitcoin inching closer to the $50,000 price mark. If the current trend of institutional accumulation continues, better days may be ahead for the major currency.

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