Bitcoin is once again causing a stir in the investment world. After reaching a new all-time high of more than $73,000 this week, the crypto moderates its rise and is positioned slightly below that figure. This increase comes alongside a notable increase in market interest, especially by Wall Street playersas evidenced by the latest CoinShares report.
For its part, Ethereum also moderates the increases and falls below $4,000 awaiting signals on the US regulator’s possible approval of Ether spot ETFs.
Meanwhile, the recent CoinShares report showed an influx of $2.6 billion into Bitcoin last week. This influx underlines the growing confidence in cryptocurrencies, especially among institutional investors.
Bitcoin and the embrace on Wall Street
The latest CoinShares report reveals significant milestone in cryptocurrency market. With a record entry of US$2.7 billion in digital asset investment products, Total year-to-date footfall has increased to $10.3 billionalmost equaling the entire 2021 record.
Meanwhile, Bitcoin stands out as the main focus of investors, capturing $2.6 billion in inflowswhich represents 14% of the total Assets under Management (AuM) For the year. The report suggests that the rise was largely attributed to the robust entry seen by Bitcoin issuers into the New York spot market.
In other words, this increase in Bitcoin inflows is indicative of Wall Street’s growing interest in the digital currency. Despite recent price increases, investors continue to pour funds into Bitcoin, with even Short-term Bitcoin witnessing an additional inflow of $11 million last week.
Furthermore, other cryptocurrencies such as Solana, Polkadot, Fantom, Chainlink and Uniswap are also seeing notable inflows, signaling a broader shift toward digital assets.
A Closer Look at the Report
The Weekly Digital Asset Fund Flow Report showed that last week’s inflows bring the year-to-date total to $10.3 billionapproaching the 2021 record of US$10.6 billion. While Bitcoin steals the spotlight with its monumental inflows, other cryptocurrencies experience mixed fortunes.
Meanwhile, Solana saw a resurgence with inflows of US$24 million, while Ethereum saw smaller outflows of US$2.1 million. Additionally, some other notable entries include Polkadot, Fantom, Chainlink, and Uniswap.
Source: Ambito
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