Bitcoin continues to shine with 98% of the supply of crypto investment products
On April 11, European investment firm CoinShares published its latest “Digital Asset Fund Flows Report”, revealing that digital asset investment products experienced positive sentiment, with inflows totaling $57 million last week, returning them to a net positive position year to- Date. Despite this, “volumes were low at $970 million for the week.” The global Bitcoin (BTC) exchange market also saw low volumes, “just 25% of the year-to-date average of $18 billion for the week.”
According to the report, inflows were primarily driven by investors in the United States, with $27 million inflows. Germany, Switzerland and Canada also saw positive sentiment, with inflows of $17 million, $13 million and $2.2 million respectively, indicating a broad-based increase in confidence in digital assets.
Investors focused primarily on Bitcoin, which received $56 million in inflows, accounting for 98% of all inflows. Meanwhile, short Bitcoin suffered smaller outflows totaling $0.6 million. In contrast, altcoins — including Uniswap’s UNI (UNI), Polkadot’s DOT (DOT) and Polygon’s MATIC (MATIC) — saw smaller inflows of less than $1 million each.
The report also notes that despite the Ethereum network’s Shapella upgrade scheduled for April 12, Ether (ETH) inflows were relatively small at $600,000, suggesting that investors may be wary of investing in ETH until they are more certain on the effect of the upgrade. In addition, blockchain stocks saw less inflows totaling $2.1 million, indicating a relatively quiet week for the market segment.
Related: Ethereum price retests key support level that preceded June 2022 60% rally
Overall, the positive sentiment in the digital asset market last week – despite low volumes – indicates that investors remain bullish on the outlook for cryptocurrency. As previously reported by Cointelegraph, Bitcoin has reclaimed $30,000, its highest price since June 2022. Over the past 30 days, BTC recorded gains of nearly 46%, rising to its 10-month high on April 11.
On April 5, American business intelligence firm MicroStrategy added another 1,045 BTC to its growing crypto treasury, for approximately $29.3 million at an average price of $28,016 per BTC. Saylor has been a prominent Bitcoin advocate, urging companies to incorporate the leading cryptocurrency into their strategic asset allocation. He has consistently emphasized his belief that Bitcoin is the most reliable, secure store of value available in the current market and presents a distinctive way for businesses to protect their assets from inflation.
