CoinShares Report Shows Surge in Digital Asset Inflows, Bitcoin Dominates
A recent report from CoinShares reveals that digital asset and crypto investment products experienced a significant increase in inflows last week, reaching their highest point since July 2022. A total of $326 million flowed into digital asset investment products, with Bitcoin accounting for 90% of the total.
According to CoinShares, “Bitcoin saw 90% of the inflows at US$296m, although recent price rises also prompted inflows of US$15m into short-Bitcoin investment products.”
In comparison, the previous week saw a total inflow of $66 million, which is approximately five times less than the amount seen last week. During that week, Bitcoin contributed $55 million to the total inflow, while Solana brought in $15.5 million.
The report also highlights that increasing optimism led to a $24 million influx into Solana. However, Ethereum experienced a $6 million outflow despite the positive trend for other altcoins.
Bitcoin’s Rise in Price Drives Attention and Hype
Recent reports suggest that regulatory hints and investments have fueled the recent increase in Bitcoin’s price over the past few weeks. At present, Bitcoin is priced at $34,450.
The surge in Bitcoin’s price has also increased analysts’ confidence in other cryptocurrencies. Analysts predict a potential price target of $1 for XRP by the end of 2023, which would require an approximately 80% price surge from its current levels.
Hot Take: Crypto Inflows Reach Highest Point Since July 2022
A recent CoinShares report reveals that digital asset investment products experienced a surge in inflows, with Bitcoin dominating by accounting for 90% of the total inflows. This marks the highest point since July 2022. The report also highlights an increase in optimism leading to a significant influx into Solana, while Ethereum saw an outflow despite positive trends for other altcoins. The rise in Bitcoin’s price has generated attention and hype, with analysts expressing greater confidence in other cryptocurrencies. Notably, analysts foresee a potential price target of $1 for XRP by the end of 2023, indicating an 80% price surge from its current levels.
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