Bitcoin’s $880M Influx: Crypto Market Rally?
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Last week witnessed a significant surge in investments into crypto funds, with over $880 million flowing in, marking the fourth consecutive week of inflows. This brings the year-to-date total to $6.7 billion, indicating sustained investor confidence. Bitcoin led the charge, attracting $867 million, primarily through US-listed ETFs which surpassed their all-time high, accumulating nearly $63 billion since January 2024. This contrasts sharply with Ethereum's modest $1.5 million inflow, highlighting Bitcoin's continued dominance in investor preference. The altcoin market saw some activity, with Sui attracting $11.7 million, outperforming Solana and Ethereum during that period. XRP also saw inflows of $1.4 million. Regional investment patterns showed a strong US bias, with $840 million entering the market, while other regions like Sweden experienced outflows. BlackRock's iShares Bitcoin ETF played a significant role, attracting over $1 billion, partially offset by outflows from other providers like Grayscale and Bitwise. This influx is attributed to the expanding global M2 money supply and investors seeking alternative assets amidst concerns about slow US growth and high inflation. The consistent inflows suggest a positive outlook on the crypto market, though the concentration of investment in Bitcoin indicates a risk-averse approach by many investors.
(Source: https://www.newsbtc.com/bitcoin-news/bitcoin-reclaims-center-stage-with-880-million-in-inflows/)
