Ethereum

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<p class="has-drop-cap">Digital asset investment products saw their year-to-date (YTD) net inflows turn positive after registering $57 million in inflows last week, <a aria-label="CoinShares reported (opens in a new tab)" href="https://blog.coinshares.com/volume-126-digital-asset-fund-flows-weekly-report-30b7c18b4ace" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">CoinShares reported</a>. Bitcoin-related funds accounted for 98% of all inflows, with the world’s biggest crypto token surging above the $30,000 mark earlier on Tuesday.</p> 
<h3 id="bitcoin-price-hits-30k-for-the-first-time-since-june-2022">Bitcoin Price Hits $30K for the First Time Since June 2022</h3> 
<p>Digital asset funds saw inflows of $57 million last week, pushing the year-to-date (YTD) fund flows back into positive territory, according to a report by CoinShares. Still, volumes remained low during the week at $970 million, as indicated by the global bitcoin exchange market, where volumes were just 25% of the YTD average of $18 billion.</p> 
<p>Almost all fund flows from last week were concentrated on Bitcoin, which accounted for 98% of all inflows at $56 million. Meanwhile, short-bitcoin funds saw minor outflows of $0.6 million.</p> 
<p>Earlier today, BTC exceeded the $30,000 threshold for the first time since June 2022 amid improving investor confidence as the impact of last month’s <a href="https://tokenist.com/signature-bank-shut-down-by-us-regulators-over-systematic-risk-fears/" rel="dofollow" class="deco-link">banking turmoil</a> continued to fade. In addition, the recently released weaker-than-anticipated economic data raised hopes among investors that the Federal Reserve may be finally done <a href="https://tokenist.com/fed-raises-interest-rates-by-75-bps-in-2022s-6th-hike/" rel="dofollow" class="deco-link">hiking interest rates aggressively like in 2022</a>.</p> 
<p>Last week, a report by the Labor Department showed that job openings fell to the lowest mark in nearly two years, suggesting that the labor market – one of the <a href="https://tokenist.com/us-hourly-earnings-fail-to-keep-pace-with-inflation-for-the-23rd-consecutive-month/" rel="dofollow" class="deco-link">major US inflation drivers</a> – was losing momentum. This data weighed on the US dollar while boosting confidence among crypto and stock investors.</p> 
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<h3 id="ethereum-inflows-stay-low-despite-crucial-network-upgrade">Ethereum Inflows Stay Low Despite Crucial Network Upgrade</h3> 
<p>The CoinShares report that Ethereum-related funds saw minor inflows of just $0.6 million last week, despite the upcoming <a href="https://blog.ethereum.org/2023/03/28/shapella-mainnet-announcement" target="_blank" aria-label="Shappella upgrade (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">Shappella upgrade</a>. On a YTD basis, net inflows for Ethereum funds remain negative at -$23 million.</p> 
<p>The Shapella upgrade, a combination of two separate updates of Ethereum, including “Shanghai” and “Capella,” is considered one of the most important developments to the Ethereum ecosystem since the Merge.</p> 
<p>The Shapella upgrade is set to bring a series of significant advantages for the world’s second-biggest blockchain, such as the ability to withdraw assets from the Beacon Chain. This feature will enable the <a href="https://www.reuters.com/technology/cryptoverse-ethereum-upgrade-unlock-33-billion-2023-04-11/" target="_blank" aria-label="unlocking of more than $30 billion (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">unlocking of more than $30 billion</a> worth of staked Ether (ETH) from the network, representing a notable amount of fresh liquidity.</p> 
<p>Further, the upgrade will also reduce gas fees for developers, among other things. The fee cut will make it more cost-effective for developers to build and deploy smart contracts and decentralized applications (dApps) on the Ethereum blockchain.</p> 
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<p><em><strong>Do you think Ethereum funds will also receive a boost after the Shapella upgrade takes place? Let us know in the comments below.</strong></em></p> 
<p>The post <a rel="nofollow" href="https://tokenist.com/bitcoin-funds-received-98-of-weekly-digital-asset-funds-inflow-report/">Bitcoin Funds Received 98% of Weekly Digital Asset Funds Inflow: Report</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Bitcoin Funds Received 98% of Weekly Digital Asset Funds Inflow: Report

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