The digital asset market continues to notch multiple wins in recent months as it recovers losses recorded in previous months with multiple assets soaring to yearly all-time highs.
A new CoinShares Weekly Asset Flow report shows a massive increase in investor sentiments over the past week continuing the good run and signalling a growing market.
Digital asset funds recorded a total of $176 million last week extending weekly inflows to their eighth consecutive week. The renewed surge in the market after several weeks in the red zone comes as several firms anticipate a Bitcoin (BTC) spot ETF approval by the United States Securities and Exchange Commission which has declined previous applications citing market manipulation concerns.
The massive run which has lasted eight weeks raises this year’s total to $1.32 billion, a good figure for some commentators because of the sharp decline in the market last year due to the fall of Terra and FTX wiping billions from the market.
However, this year’s figure is still far behind the $10.7 billion and $6.6 billion recorded in 2021 and 2020 respectively. In 2021, BTC and several altcoins hit all-time highs yet to be broken in over two years.
As expected, last week’s numbers were dominated by BTC with $155 million inflows and a surge in assets under management while short bitcoin posted outflows of $8.5 million.
BTC price stands at $37,735 at press time and has surged 2.5% in the past seven days with bulls looking to ignite a massive run on the back of recent market gains.
Inflows were also recorded on the altcoin front with Ethereum (ETH) and Avalanche (AVAX) gaining $3.3 million and $1.8 million respectively. In recent weeks Ethereum has shown positive signs after multiple weeks of outflowsRead more on cryptonews.com