Bitcoin remains the dominant force in the crypto market and shows no signs of slowing down, and the rate of adoption is proof of this. According to the latest digital asset firm CoinShares report, Bitcoin attracted nearly 99% of all new crypto investments last week. So while the overall digital asset funds saw a net inflow of $137 million last week, $139.8 million went straight into BTC, and short Bitcoin investment products saw an outflow of $3.2 million.
Altcoins Attracting Low Interest
Crypto investment products have had three consecutive weeks of total inflow, with over $742 million coming in over the past four weeks. However, Bitcoin continues to dominate, as interest in altcoins has remained relatively low. According to Coinmarketcap, Bitcoin also dominates the entire crypto industry with a 48.5% share in the total market cap.
Trading volumes on crypto investment products totaled $2.3 billion last week, making up 11% of the total crypto volume. The majority of this came into Bitcoin from North America, with the US and Canada having a total inflow of $109 million and $29 million, respectively.
During this time, major altcoins have struggled to gain momentum and widespread mainstream interest from institutional investors. Ethereum, for instance, did not capture new investments and instead saw outflows of $2 million last week. On the other hand, Solana and Polygon had about $0.5 million in inflows each.
Despite the news of the court announcing XRP as a non-security asset leading to a surge in the market price of XRP, the enthusiasm did not flow over into digital asset funds for the token. During the course of the past week, XRP digital asset funds only saw about $0.1 million in inflows.
BTC price at $29,684 | Source: BTCUSD on TradingView.com
Everything Goes To Zero Against Bitcoin
BTC Evangelist and Chairman of El Salvador’s Volcano Energy, Max Keiser, took to Twitter to talk about the report from CoinShares. Reacting to the positive report for Bitcoin, he tweeted that, “Everything goes zero against Bitcoin.”
Also, institutional investors seem to be buying up BTC in huge volumes, especially as the industry awaits the SEC’s acceptance of spot Bitcoin ETFs filed by BlackRock and other investment companies. Most of the applications have now been acknowledged by the SEC, and preparations are being made to conduct an official review.
Bitcoin continues to receive massive support from its believers, as it currently ranges around $30,000. Last Friday, Bitcoin briefly rose above $31,000 on the news of Ripple’s partial victory against the SEC. However, at the time of writing, Bitcoin is down by 1.34% in the past 24 hours, bringing its price down to $29,690.