- Bitcoin dominates cryptocurrency investments, accounting for 99% of $140 million inflows.
- Bitcoin maintains trading price above $30,000 with BlackRock’s entry into ETF race.
- Approval of Bitcoin ETF expected to trigger significant capital influx into market.
In a recent tweet, prominent Bitcoin advocate Max Keiser confidently said, “Bitcoin reigns supreme, rendering everything else worthless.” This tweet was in response to a tweet by Bitcoin Archive, which emphasized the significant influx of investments into Bitcoin compared to other cryptocurrencies.
CoinShares’ latest weekly report revealed that an impressive 99% of the $140 million inflows into cryptocurrency investment products were attributed to Bitcoin. This surge in investment signifies the most significant influx of capital into the sector since Q4 of 2021 when Bitcoin achieved its record-breaking peak of $69,000. Notably, Bitcoin emerged as the dominant choice for investment, absorbing the entirety of the $140 million inflows.
According to the report, Bitcoin witnessed a substantial influx of $140 million, accounting for 99% of all inflows. Additionally, the report highlighted a consistent trend of outflows amounting to $3.2 million for short Bitcoin investment products, persisting for the 12th consecutive week.
Over the past month, Bitcoin has maintained a trading price above $30,000, primarily attributed to the entry of BlackRock, the world’s largest asset manager, into the race to establish a Bitcoin spot exchange-traded fund (ETF) in the United States. This move not only bestowed credibility upon a frequently overlooked asset class but also instilled optimism among investors regarding the SEC’s potential approval of the ETF.
Numerous crypto industry investors believe that the anticipated approval of a Bitcoin exchange-traded fund (ETF) will serve as a catalyst, triggering a substantial influx of capital into the cryptocurrency market. The prevailing trend of investment inflows into Bitcoin further reinforces its dominant position within the industry. However, the outcome of BTC’s price remains uncertain as the sector anxiously awaits regulatory determinations concerning the introduction of Bitcoin ETFs.
