Bitcoin, the world’s largest cryptocurrency, attracted approximately $442 million in BTC-related investment products last week.
According to the latest weekly digital asset fund flows report published by CoinShares, the total inflows into cryptocurrency investment products reached $489 million in the last week of April, the largest inflow since February 2021. Additionally, institutional inflows were mainly focused on Bitcoin.
Apart from Bitcoin, CoinShares highlighted a positive sentiment in Ethereum-related investment products. ETH attracted $30 million worth of inflows last week as the total Ethereum investment products under management reached a record high of $13.9 billion.
“The varied inflows were primarily Bitcoin focused, where we believe that some investors are beginning to take more optimistic positions after having range traded since February, while others have capitulated and taken profits,” CoinShares mentioned in the report.
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The company highlighted significant outflows in Bitcoin Cash (BCH) as approximately $1.7 million worth of investment left BCH-related products. The latest surge in Dogecoin (DOGE), Chainlink (LINK) and Litecoin (LTC) pushed BCH out of the list of top 10 digital currencies.
Minor inflows of nearly $9.2 million were reported in different crypto investment products including XRP, Polkadot, Binance Coin and Cardano.
Bitcoin Network Activity
Despite a relatively slow week for Bitcoin, the world’s most valuable digital currency saw a jump in its on-chain activity. Earlier this week, Bitcoin whales saw the largest single-day growth in new addresses.
“Bitcoin has slid these past couple of days, but as the crowd shows mild concern, new whale addresses have been created. The number of 1,000+ BTC addresses has jumped back to 2,234, with the largest single-day growth in new addresses (7) since March 31,” crypto analytics platform, Santiment mentioned on Twitter.
Bitcoin is currently trading near $55,000 with a market cap of approximately $1.02 trillion. BTC registered an all-time high of nearly $64,500 on 14 April. BTC’s market dominance is sliding at a rapid pace due to a surge in Ethereum, Binance Coin, XRP and other digital currencies.