Markets
Cryptocurrency Markets See $1.44 Billion Increase Led by BTC and Eth
- The cryptocurrency market surged to $1.44 billion, led by Bitcoin and Ethereum.
- Spot BTC ETFs and the anticipated spot ETH ETFs have captured investors’ attention.
Cryptocurrency markets have seen significant volatility in recent months.
Despite market fluctuations, the cryptocurrency sector has continued to attract investors, with new entrants and increased investment among existing positions.
Recent data from Coinshare showed a net inflow of $1.4 billion into the cryptocurrency market in the past week.
Increase inflows
According to the report, inflows into the cryptocurrency market have risen to a record high of $17.8 billion over the past year. Similarly, inflows have risen to $1.44 billion on the weekly charts.
The increased inflow on the YTD charts surpassed the 2021 record high of $10.6 billion. Notably, the increased inflow came from increased institutional investment in cryptocurrencies via spot ETFs.
The approval of spot BTC ETFs in January, followed by the approval of spot ETH ETFs in May, changed the cryptocurrency industry.
Source: CoinShare
BTC Leads With Record Inflow
As market inflows continued to grow, Bitcoin [BTC] recorded the highest inflow on the weekly charts at $1.35 billion. The increase in BTC inflow came from increased institutional investment in BTC via spot ETFs.
For example, BlackRock’s IBIT recorded $117.25 after seven consecutive days of inflows, with a trading volume of $1.2 billion. IBIT continued to dominate.
Similarly, 21shared’s ARK Invests and ARKB attracted a massive inflow of $117.19 million, enjoying a trading volume of $98.8 million. Other majors like Fidelity and BITB saw massive inflows of $15.24 million and $7.93 million.
However, over the past week, short BTC has seen a sharp outflow following the German government sell-off and Mt. Gox trades.
Source: Blockworks
ETH Leads Altcoins
Despite the continued dominance of Bitcoin, altcoins like Ethereal [ETH] AND Solana [SOL] were growing strongly and ready to challenge BTC.
As reported by AMBCiptoMarket trends favor ETH to outperform BTC after spot ETF launch. Thus, ETH has seen a higher inflow of $72 million in the past week as investors anticipate an ETF launch.
ETH’s surge was the biggest since March, as crypto market sentiment toward ETFs shifts.
Source: CoinShare
Light Bitcoin [BTC] Price forecast 2024-25
Likewise, Solana has seen inflows rise to $4.4M, which is a record after months of decline. This trend shows that investor interest in cryptocurrencies continues to rise despite the increasing market volatility.
With the expected approval of several ETH spot ETFs by the end of the month and the unveiling of SOL ETFs, the altcoin and cryptocurrency market is poised to continue to expand.