Exciting: Bitcoin Witnessed The 2nd Consecutive Week Of Inflows

Key Points:

• The cryptocurrency market has shown signs of recovery with a net influx of assets into digital asset funds for the second consecutive week, led by Bitcoin.
• Crypto funds received $124.7 million in the week prior to June 30, following an inflow of $199.1 million the previous week.
• Bitcoin dominated the inflows, receiving $123 million, while other cryptocurrencies like Ethereum, Litecoin, XRP, and Cardano also saw net inflows.

While the cryptocurrency market recovered, there was a net influx of assets into digital asset funds for the second week in a row, with Bitcoin (BTC) leading.

According to a CoinShares report posted on July 3, all crypto funds received $124.7 million in the week before June 30.

After $199.1 million the previous week, more than $100 million in money poured into digital asset funds for the second week in a row, reflecting the market’s general sentiment.

According to the report, net inflows into cryptocurrency funds during the last two weeks were $334 million, or over 1% of total digital asset fund assets under management.

$123 million was pumped into Bitcoin funds by asset last week, representing 98% of overall inflows. The Ethereum fund received $2.7 million. Funds for Litecoin, XRP, and Cardano also had net inflows.

A short Bitcoin fund that bets on Bitcoin’s collapse has lost money for 10 weeks in a row, with $900,000 withdrawn. Notwithstanding the current bearishness for short bitcoin, the report states that it is still the second-best performing asset in terms of inflows year so far, with $60 million.

BTC’s price increased for the second quarter in a row. The price of the world’s largest cryptocurrency grew by more than 8% between April and June.

Once BlackRock, the world’s biggest asset management, Fidelity Investments, and others filed for a spot Bitcoin exchange-traded fund (ETF) in the United States, investors grew more hopeful.

Bitcoin trade volume has increased by more than 60% in the last 24 hours. The coin is still trading for more than $30,500.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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