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Record $1.1 Billion Crypto Inflows Signal Bullish Investor Sentiment

2 mins
Updated by Kyle Baird
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In Brief

  • Bitcoin (BTC) drove 98% of total inflows over the past week, while Ethereum (ETH) and Cardano surged.
  • Despite a bullish week, Canada and Germany saw cryptocurrency outflows of $17 million and $10 million.
  • The report highlights Bitcoin ETF dominance, pushing assets under management to $59B, the highest since 2022.
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According to a recent report, cryptocurrency products experienced an influx of $1.1 billion last week, primarily driven by Bitcoin (BTC), which accounted for 98% of the total inflows. Ethereum (ETH) and Cardano also observed a surge in momentum over the 7-day period.

Despite the bullish trend observed throughout the week, reports indicate outflows of $17 million in Canada and $10 million in Germany.

Crypto Inflows Soar Last Week

A recent CoinShares report reveals that the Bitcoin exchange-traded fund (ETF) dominated last week’s inflows, pushing the total assets under management (AuM) to its highest level since early 2022, reaching $59 billion.

“Digital asset investment products saw inflows of US$1.1bn, bringing year-to-date inflows to US$2.7bn. AuM is at highest level since early 2022 at US$59bn.”

Read more: Ethereum (ETH) Price Prediction 2024/2025/2030

It was only in November 2021 that Bitcoin hit its all-time high of $65,000.

Weekly Crypto Asset Flows (US$m). Source: CoinShares
Weekly Crypto Asset Flows (US$m). Source: CoinShares

Many crypto investors consider inflows as an indicator of future price trends.

Given the upcoming Bitcoin halving in April, which occurs every four years, there is heightened speculation about how this event might alter the narrative surrounding the significant influx of funds.

Recent Factors Affecting Crypto Market

Investors are anticipating a potential price surge shortly after the halving.

However, despite the price soaring and the massive amount of inflows, the Google search trends for Bitcoin itself are actually closer to those seen in a bear market.

Read more: Bitcoin Price Prediction 2024/2025/2030

On February 12, BeInCrypto reported that engagement compared to the ETF approval week is down around 80% and has returned to bear market levels again.

Yet, it could also be due to fewer people discovering Bitcoin for the first time upon positive price news, with reports in mainstream media, compared to previous cycles when it was still a widely unknown asset.

Earlier today, Bitcoin briefly surpassed the $50,000 price mark for the first time in two years. At the time of publication, Bitcoin’s price had settled back at $49,912.

Bitcoin Price Chart 1 Month. Source: BeInCrypto
Bitcoin Price Chart 1 Month. Source: BeInCrypto

However, that hasn’t stopped the biggest players in the Bitcoin industry continue accumulating more of the digital asset.

On February 11, BeInCrypto also reported that Bitcoin whales have accumulated an additional 140,000 BTC in the past three weeks, injecting $6.16 billion into Bitcoin.

Top crypto platforms in the US | February 2024



In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Ciaran Lyons
Ciaran is a cryptocurrency journalist based in Sydney, Australia. He particularly enjoys writing about CBDC developments and the practical implementations of cryptocurrency in real-world scenarios. He has also appeared across major television networks in Australia including Channel Ten, Channel Nine and SBS TV. Prior to his foray into cryptocurrency, Ciaran worked as a presenter on national radio station Triple J.