Bitcoin propels cryptocurrency investment inflows to a record-breaking $13.8 billion, says CoinShares.
Investors poured a record-breaking $646 million into digital asset investment products last week, primarily driven by the interest in Bitcoin. CoinShares reported that cryptocurrency investment vehicles have attracted over $13.8 billion in the first four months of 2024. The surge in investments coincided with the demand for Bitcoin, which saw inflows of over $663 million. However, short-BTC investment rails resulted in $9.5 million in outflows, as bearish market participants continued to exit for the third consecutive week. Ethereum also experienced outflows for the fourth week in a row, totaling $22.5 million. On the other hand, altcoins like Litecoin and Solana witnessed investor demand and accumulated at least $4 million in capital. The previous record for inflows was set in 2021 at $10.7 billion, followed by $6.6 billion in 2020. This year’s numbers have shown a significant improvement compared to last year’s sentiment, which only attracted $2.3 billion. Bitcoin’s price traded at over $71,900, reaching a high of 3% after a market-wide uptick. With the halving approaching, Bitcoin was only 2% away from its all-time high of $73,750 achieved last month. While experts have discussed the impact of the halving on Bitcoin’s price and the broader cryptocurrency ecosystem, Bondex CEO Ignacio Palomera believes that it will also affect web3 job opportunities. The cryptocurrency job market hit a 12-month high, driven by bullish market sentiment and a resurgence of interest from venture capitalists in decentralized finance protocols.
