Markets
Cryptocurrency markets surge by $1.44 billion, led by Bitcoin and Eth
- The cryptocurrency market saw a $1.44 billion surge, led by Bitcoin and Ethereum.
- The anticipated BTC spot ETFs and ETH spot ETFs have attracted the attention of investors.
In recent months, cryptocurrency markets have experienced considerable volatility.
Despite market fluctuations, the crypto industry has continued to attract investors, with new entrants and increased investments among existing positions.
Recent data from Coinshare showed a net inflow of $1.4 billion over the past week into the cryptocurrency market.
Increase incoming flows
According to the report, inflows into the cryptocurrency market reached a record high of $17.8 billion over the past year. Similarly, inflows climbed to $1.44 billion on the weekly charts.
The increase in inflows on the YTD charts surpassed the 2021 record of $10.6 billion. It is worth noting that the increase in inflows is the result of increased institutional investment in cryptocurrencies via spot ETFs.
The approval of BTC spot ETFs in January, followed by the approval of ETH spot ETFs in May, changed the crypto space.
Source: CoinShare
Bitcoin leads with record inflow
As inflows into the market continued to increase, Bitcoin [BTC] saw the highest inflow on the weekly charts at $1.35 billion. The increase in BTC inflows came from increased institutional investment in BTC via spot ETFs.
For example, BlackRock’s IBIT recorded $117.25 after seven consecutive days of capital inflows, with a trading volume of $1.2 billion. IBIT continued to dominate.
Similarly, 21shared’s ARK Invests and ARKB attracted a massive inflow of $117.19 million while enjoying a trading volume of $98.8 million. Other majors such as Fidelity and BITB saw massive inflows of $15.24 million and $7.93 million.
However, over the past week, BTC short investments have seen a sharp outflow following German government sales and Mt. Gox transactions.
Source: Blockworks
ETH leads altcoins
Despite Bitcoin’s continued dominance, altcoins such as Ethereum [ETH] And Solana [SOL] have seen a strong surge and are ready to challenge BTC.
As reported by AMBCyptoMarket trends favor ETH to eclipse BTC after the launch of spot ETFs. Thus, ETH has seen an increased inflow of $72 million over the past week as investors anticipate the launch of an ETF.
ETH’s rise was the biggest since March as cryptocurrency market sentiment shifts toward ETFs.
Source: CoinShare
Read Bitcoin [BTC] Price forecast 2024-25
Solana also saw an increase in its capital inflows to $4.4 million, which is a record high after months of decline. This trend shows that investor interest in cryptocurrencies continues to grow despite increased market volatility.
With the expected approval of several ETH spot ETFs later this month and the filing of SOL ETFs, the altcoin and cryptocurrency market is positioned for continued growth.