Unveiling Bitcoinโs Weekly Inflow Alterations
It is crucial to note that Bitcoinโs weekly inflow witnessed a significant decrease, with a dip to $663 million, indicating a momentary pullback amid the volatile market conditions. However, the recent spike in the Bitcoin price, surging close to $73,000, suggests underlying confidence among investors.
โ The U.S. Spot Bitcoin ETF observed a sluggish start last week, experiencing an outflux of approximately $86 million before picking up momentum from Tuesday, April 2.
โ Insights from the CoinShares Digital Asset Fund Flows Weekly Report disclosed Bitcoinโs cooling inflow of $663 million for the week. This figures contrast with the previous weekโs inflow of $865 million, signaling a minor retreat in investor engagement.
โ Despite the decline in inflow last week, year-to-date digital asset investment product inflows hit a record high of $13.8 billion, surpassing 2021 levels.
โ Short-Bitcoin investment products encountered outflows for the third consecutive week, totaling $9.5 million, indicating a probable capitulation among bearish investors amidst Bitcoinโs erratic trajectory.
โ Ethereum faced outflows for the fourth straight week, amounting to $22.5 million. This deviates from the inflow pattern seen in most altcoins, with concerns arising from the SECโs investigation into ETHโs security status potentially delaying Ethereum ETF approval.
Regional Disparities and ETF Developments
Regional sentiments are diverse, with the U.S. seeing a notable inflow of $648 million, while Switzerland and Canada witnessed outflows of $27 million and $7.3 million, respectively. Although there is an overall positive sentiment, there are indications of moderation in ETF investor interest, failing to reach the peak flows seen in early March. This is illustrated by decreasing volumes, dropping from $43 billion in the first week of March to $17.4 billion last week.
โ The U.S. Spot Bitcoin ETF regained momentum from April 2 onwards, accumulating an inflow of approximately $570 million over the last four days of the previous week. This surge in ETF fund flow reflects the dynamic nature of investor sentiment and its influence on cryptocurrency markets.
โ Presently, the Bitcoin price has rebounded on a bullish trajectory, rallying close to its all-time high of $73,000. On Monday, the BTC price surged by 4.56% to $72,352.36, with its trading volume soaring by 51.61% to $30.09 billion within the last 24 hours.
โ Bitcoin touched a peak of $72,572.78 in the past 24 hours, approaching its all-time high of $73,750.07 registered on March 14.
Hot Take: Bitcoinโs Resilience Amid Market Volatility
Despite the temporary setback in Bitcoinโs weekly inflow and the moderation in ETF investor interest, the cryptocurrency market continues to exhibit resilience and investor confidence. The recent price surge in Bitcoin, rallying near its all-time high, reaffirms the persistent interest and optimism surrounding digital assets like Bitcoin and Ethereum.
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