Crypto Markets See $1.44 Billion Surge Led by BTC and Eth
The post Crypto Markets See $1.44 Billion Surge Led by BTC and Eth appeared on BitcoinEthereumNews.com.
The cryptocurrency market has seen a $1.44 Billion surge, led by Bitcoin and Ethereum. BTC spot ETFs and anticipated ETHs spot ETFs captured investor attention. In recent months, cryptocurrency markets have experienced considerable volatility. Despite the market fluctuations, the crypto industry has continued to attract investors, with new entrants and increased investment among the existing positions. The recent data by Coinshare showed a net inflow of $1.4B over the past week in the crypto market. Increase inflows According to the report, inflows in the crypto market have surged to a record high of $17.8B over the past year. Equally, the inflow has soared to $1.44B on weekly charts. The increased inflow on YTD charts has surpassed the 2021 high record of $10.6B. Notably, the increase in inflow arose from increased institutional investments in crypto through spot ETFs. The approval of BTC spot ETFs in January, followed by the May approval of ETH spot ETFs, has changed the crypto space. Source: CoinShare BTC leads with a record-high inflow While the market inflows continued to surge, Bitcoin [BTC] recorded the highest inflow on weekly charts at $1.35B. The rise in BTC inflow came from increased institutional investments in BTC through spot ETFs. For instance, BlackRock’s IBIT recorded $117.25 after seven days of consecutive inflow, with a trading volume of $1.2B. IBIT continued to dominate. Equally, ARK Invests and 21shared’s ARKB attracted a massive inflow of $117.19M while enjoying a trading volume of $98.8M. Other majors such as Fidelity and BITB recorded a massive inflow of $15.24M and $7.93M. However, over the past week, BTC short investments have experienced a high outflow after Germany government sales and Mt. Gox transactions. Source: Blockworks ETH leads the altcoins Despite Bitcoin’s continued dominance, altcoins such as Ethereum [ETH] and Solana [SOL] were surging extensively and set…
Filed under: News - @ July 18, 2024 7:18 pm