In the previous week, Bitcoin (BTC), the world’s prominent digital currency, reclaimed its position as the most popular digital currency among institutional investors, with inflows of $39 million into BTC-related financial products.
CoinShares, one of the world’s major digital asset managers, has released its weekly fund flows data for digital assets, highlighting a favorable trend in cryptocurrency investment products. During the previous 7 days, Bitcoin, Ethereum, XRP, and Polkadot have all seen significant inflows.
Last week, digital currency investment products received $63 million in inflows, ending a four-week streak of digital currency outflows. Ethereum (ETH), the world’s second-biggest digital currency, received $18 million in weekly inflows.
“For the first time in 5 weeks, digital asset investment products saw inflows totaling US$63m last week. And, for the first time in 9 weeks, inflows were seen across all individual digital assets implying a turnaround in sentiment amongst investors. While there were inflows last week, Bitcoin investment product trading turnover was the lowest since November 2020. A similar observation was seen more broadly across the whole of the Bitcoin ecosystem with volumes down 38% relative to the average for 2021,” CoinShares stated in the document.
Ethereum-related financial products witnessed outflows of $50 million in the final week of June 2021, which is the biggest figure so far.
Bitcoin, Ethereum, and XRP
XRP garnered approximately $1.2 million in investment, in addition to Bitcoin’s $39 million weekly inflows and Ethereum’s $18 million inflows. Over the same time frame, Cardano and Polkadot received $2.1 million and $0.7 million, correspondingly. Regarding the price movement, Bitcoin and XRP both witnessed slight rises in the previous week. Ethereum, on the other hand, has increased by upwards of 10% in the previous seven days.
Bitcoin is now trading at $35,000, with a market capitalization of nearly $650 billion. With a market capitalization of over $30 billion, ETH has risen beyond $2,300, while XRP is selling around $0.67.