Bitcoin Reclaims Center Stage With $880 Million In Inflows

Christian Encila

4 months ago

3 mins read

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Last week saw another batch of new money flowing into crypto funds. As reported by CoinShares, investment products attracted over $880 million over the course of seven days. That brings year-to-date inflows to $6.7 billion. Prices have been trending upward, with Bitcoin temporarily reaching $105,000 and Ethereum being traded above $2,600. Investors are appearing to be stepping in while the opportunity is still hot.

Weekly Inflows Indicate Continued Demand

According to the latest data, $882 million poured into crypto products last week. That is the fourth consecutive week of inflows. It might not rattle the broader markets, but it indicates money continues to flow in.

Managers have gathered $6.7 billion in net new cash so far this year. In plain language, that’s a steady stream of new capital flowing towards these funds.

Bitcoin Dominates The Inflows

Bitcoin funds saw $867 million of those inflows. A big chunk of that went into US-listed ETFs. Since January 2024, those Bitcoin ETFs have gathered nearly $63 billion. They just passed their all-time high of $61.6 billion set back in February. In contrast, Ethereum products only took in $1.5 million last week. That gap shows where most investors still feel safest.

Sui And Other Altcoins Catch Some Attention

Some of the smaller coins were in the limelight. Sui attracted $11.7 million in just one week, surpassing Solana and Ethereum during that span. Its year-to-date figure so far stands at $84 million, narrowly over Solana’s $76 million.

BTCUSD trading at $102,539 on the 24-hour chart: TradingView.com

XRP, for its part, posted $1.4 million of weekly inflows, taking its YTD at $258 million. XRP’s assets under management are currently at $1.35 billion.

Other altcoins showed only small moves, which tells us money is picking spots rather than spreading out.

Source: CoinShares

Regional Flows Favor The US

The United States dominated all regions with $840 million of last week’s total. Germany accounted for a little over $44 million and Australia $10 million. Conversely, Sweden experienced the largest outflows at $12 million.

Hong Kong lost $8 million and Canada $4.3 million. Those numbers highlight just how much the US market—led by heavy hitters such as BlackRock—is still in charge.

BlackRock’s iShares Bitcoin ETF was the best performer, bringing in over $1 billion last week. That was partially offset by $257 million in outflows from providers like Grayscale and Bitwise. Overall, it appears that one provider’s large gain can be equaled by several others’ losses.

Behind the flows are broader trends in money and policy. Global M2 money supply continues to expand, adding more cash to the system. Meanwhile, concerns about slow US growth and high inflation are pushing some investors into crypto as a hedge, or alternative store of value.

Featured image from Gemini Imagen, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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