Bitcoin Dominated Weekly Cryptocurrency Inflows

Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term accounted for more than 80% of cryptocurrency inflows last week as the world’s largest cryptocurrency attracted $412 million in BTC-related investment products. The overall crypto inflows last week stood at $492 million, a 20% drop compared to $602 million in the second week of February.

According to the latest weekly crypto fund inflows report published by CoinShares, the recent price surge in cryptocurrency assets pushed the total crypto-related investment products under management to a record $52.6 billion. Bitcoin remained the focused digital asset last week.

Finance Magnates earlier reported about the record weekly inflows in ETH-related investment products last week after the world’s second-largest digital asset attracted $216 million investment in just 7 days. The cryptocurrency is currently trading around $1,600 with a total market cap of nearly $185 billion.

“The recent price rises in digital assets has led to total investment products under management rising to a record $52.6 billion, with four products now being above the $1 billion mark. Inflows this week focused on Bitcoin with $412 million while both Ethereum and Polkadot saw continued inflows of $47 million and $6 million respectively. This year, the inverse relationship between the US Dollar (USD) and Bitcoin has been tested, as recent better-than-expected US economic data has led to more USD resilience. We believe the ongoing demand for Bitcoin from corporates and investors has helped support prices despite USD strength,” CoinShares mentioned in the report.

Institutional Bitcoin Holders

Due to the rising interest in Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, large institutions are accumulating Bitcoin and other digital assets rapidly. MicroStrategy raised nearly $1 billion last week to purchase BTC and the world’s largest electric-car company, Tesla is already up significantly on its Bitcoin bet. Grayscale remained the largest institutional holder of digital assets. The asset manager has more than 655,000 BTC and 3.16 million ETH under management with a combined value of nearly $41 billion. The total value of Grayscale’s digital assets under management stands at around $42.2 billion.