- Bitcoin attracted $2.9B in inflows last week, making up a quarter of total 2024 digital asset investments.
- A $3.3B flowed into digital assets last week, extending a six-week streak of $10.5B in investments.
- Ethereum saw $326M in inflows, marking the largest week in 15 weeks and its fifth straight week of growth.
Digital asset investments were dominated by Bitcoin last week, with the asset attracting $2.9 billion, which totaled a fourth of all crypto investments for 2024. Investors put $3.3 billion into digital asset products last week, continuing a streak that now reaches $10.5 billion over the last six weeks. So far this year, $10.8 billion has gone into U.S. equity funds, reaching a record amount. Total Assets Under Management (AuM) showed its highest level earlier this week at $187.5 billion
Economic Concerns Drive Inflows
Most of this rise in digital asset investments comes from increased concerns about the U.S. economy. Moody’s decision to lower its ratings and the rise in treasury yields have caused investors to wonder about the safety of traditional markets. As a result, investors are now turning to different assets, like digital currencies like Bitcoin, because of the economic pressure.
The United States was the main contributor in the inflow market last week, with $3.2 billion worth of currencies. Other regions were also the recipients of substantial financial commitment. The total took in $41.5 million in Germany, $10.9 million in Australia and $33.3 million in Hong Kong. Meanwhile, some investors converted $16.6 million from Bitcoin to cash during Switzerland’s month.
Source: CoinShares
Bitcoin’s Dominance Grows
The digital asset market is increasingly led by Bitcoin, which is gaining more dominance. The rise in the cryptocurrency price has caused some investors to consider using short-bitcoin products.
For the week, these products attracted $12.7 million, making it the highest week since December 2024. Even so, Bitcoin is still rising strongly and holds the top position among sought-after assets.
In the past week, Ethereum attracted $326 million in inflows. It was the largest week for investors entering the market in 15 weeks, making it the fifth straight week of bullish movement. Investors are now feeling much more optimistic about Ethereum, which has supported the currency’s continued growth.
Source: CoinShares
On the other hand, the value of XRP saw a big decline. For 80 consecutive weeks, investors put money into the bond market, but this time it saw $37.2 million in outflows. The shift in investors’ attitudes away from XRP led to this being the largest amount of XRP ever transferred.
Bitcoin remains at the top of the digital asset world, as rising investor interest due to doubts about the economy supports it. Even though Bitcoin is still leading, Ethereum’s steady inflows demonstrate that investor confidence is increasing in the sector. Recent events show that the crypto market is very unpredictable. With this shifting environment, investors are likely to keep their attention on Bitcoin, and altcoins will keep facing a cautious outlook unless key hurdles are overcome.
Read More: Bitcoin’s (BTC) Bullish Trend: Can It Reach $125K by June?
