United

Bitcoin

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 Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noreferrer noopener" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.
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<p class="has-drop-cap">Digital assets witnessed a surge in investor interest last week, as evidenced by the <a aria-label="recent inflows (opens in a new tab)" href="https://blog.coinshares.com/volume-177-digital-asset-fund-flows-weekly-report-b1855bff6f4e" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">recent inflows</a> into various digital asset investment products. Last week, $646 million poured into these vehicles, pushing the year-to-date inflows to an unprecedented $13.8 billion.</p> 
<p>The most significant focus of the inflows continues to be <a href="https://tokenist.com/investing/how-to-invest-in-bitcoin/" rel="dofollow" class="deco-link">Bitcoin</a>, with $663 million in inflows in Bitcoin investment products last week. The flagship cryptocurrency is up 4.51% on the day, trading for $72,384.64 at the time of writing.</p> 
<h3 id="bitcoin-inflows-continue-to-dominate">Bitcoin Inflows Continue to Dominate</h3> 
<p>Bitcoin, the world’s largest cryptocurrency by market capitalization, continues to be the unwavering focus of investors. In the past week alone, $663 million was poured into <a href="https://tokenist.com/investing/bitcoin-etf/" rel="dofollow" class="deco-link">Bitcoin investment products</a>, demonstrating the asset’s enduring confidence.</p> 
<p>Notably, short-bitcoin investment products experienced outflows for the third consecutive week, amounting to $9.5 million, indicating a slight capitulation among bearish investors who had been betting against the cryptocurrency.</p> 
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<h3 id="moderation-in-digital-asset-etf-investors">Moderation in Digital Asset ETF Investors?</h3> 
<p>Despite the ongoing interest, there has been a moderation in ETF investors’ appetite, with weekly flow levels not reaching the highs seen in early March. The trading volume in the last week decreased to $17.4 billion, a significant drop from the $43 billion recorded in the first week of March.</p> 
<p>This could be attributed to investors taking a more cautious approach amid the heightened volatility in the cryptocurrency market.</p> 
<p>While Bitcoin remains a dominant force, there is a notable trend of diversification among investors. Ethereum, the second-largest cryptocurrency, saw outflows for the fourth consecutive week, totaling $22.5 million. <br><br>However, this was counterbalanced by inflows into other altcoins such as Litecoin, Solana, and Filecoin, which collectively saw inflows of nearly $10 million. This shift in focus suggests that investors are not solely fixated on Bitcoin but are also exploring the potential of other blockchain-based projects.</p> 
<p>The sentiment towards digital assets remains divided on a regional basis. The United States, the largest cryptocurrency market, witnessed inflows of $648 million, with countries like Brazil, Hong Kong, and Germany also experiencing positive inflows.</p> 
<p>On the other hand, Switzerland and Canada saw outflows, indicating a more cautious approach in these markets. <br><br>Bitcoin’s price has been on a roller coaster ride, with the current price at $72,384.64, marking a 4.51% increase from the previous close at the time of writing. The market capitalization of Bitcoin has now surpassed $1.4 trillion, cementing its position as a significant player in the global financial landscape.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe> 
<p><strong><em>Do you see Bitcoin continuing its rally throughout 2024? Let us know in the comments below.</em></strong></p> 
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p> 
<h3 id="br"><br></h3> 
<p>The post <a rel="nofollow" href="https://tokenist.com/bitcoin-above-72000-as-digital-asset-products-see-surge-in-inflows/">Bitcoin Above $72,000 as Digital Asset Products See Surge in Inflows</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Bitcoin Above $72,000 as Digital Asset Products See Surge in Inflows

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