๐๐ Bitcoin enthusiasts, buckle up! Digital asset investment products are on a roll, with a surge for the second week in a row, hitting a whopping $932 million! ๐๐ฐ However, the trading volume was a mere $10.5 billion, a far cry from the $40 billion recorded in March.
The unexpected CPI report released on Wednesday was a major trigger for the influx of funds. CoinSharesโ Digital Asset Fund Flows Weekly Report reveals that 89% of the total flows happened during the last three trading days of the week, hinting that BTC prices are back in sync with interest rate expectations. ๐๐ฎ
Bitcoin investors aren't betting on a price drop, indicating a bullish outlook. Short BTC investment products saw a measly $0.6 million inflow, while Bitcoin enjoyed weekly inflows of $942 million. ๐๐
Altcoins like Solana, Chainlink, and Cardano also saw inflows, with $4.9 million, $3.7 million, and $1.9 million respectively. Litecoin had modest inflows of $0.5 million. ๐๐
However, Ethereum faced a negative sentiment due to concerns about the SECโs approval of a spot-based ETF, resulting in outflows of $23 million over the past week. Blockchain equities also saw outflows, with only six out of twenty weeks this year recording inflows. ๐๐
The US led the way with $1.002 billion in inflows last week, largely thanks to Grayscale. Switzerland and Germany also had modest inflows, while Hong Kong, Canada, and Sweden saw outflows. ๐๐๐
Stay tuned for more exciting updates, Bitcoiners! ๐๐๐