Weekly Cryptocurrency Inflows Dropped Significantly

The cryptocurrency market rebounded today after 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 jumped above $54,000 for the first time in two weeks. But, the numbers from the last week showed that the inflows in crypto-related investment products dropped significantly.

According to a report published by CoinShares, cryptocurrency investment products attracted a total of $108 million during the first week of March, compared to $395 million in the last week of February. The report mentioned that the weekly crypto inflows dropped to their lowest level since January 2021.

Bitcoin, the world’s largest cryptocurrency accounted for nearly 90% of the inflows last week. Ethereum Ethereum Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Read this Term, and Polkadot, attracted $4 million, and $2 million, respectively. CoinShares added that despite the recent drop, net cryptocurrency inflows during this quarter have already matched the total for Q4 of 2020.

“Last week denoted a significant rise in US Treasury Yields, reaching levels not seen since early 2021. The rising yields have taken their toll on the gold market while Bitcoin has been remarkably resilient. By our analysis this is not a surprise, Bitcoin differs from gold in that it tends to rise in a rising bond yield environment while evidence suggests it is becoming an inflation hedge,” CoinShares mentioned.

Grayscale

Grayscale remained the largest institutional holder of Bitcoin as the crypto asset manager has more than 655,000 BTC under management with a total value of nearly $34 billion. Moreover, the company holds 3.17 million ETH valued at $5.68 billion. Finance Magnates reported last week about the rising interest of institutional investors in Polkadot. The cryptocurrency saw $7 million in institutional inflows during the last week of February. Grayscale announced in February that the company is considering several new digital assets for potential new product offerings. The crypto asset manager has already accelerated its accumulation of altcoins as the company purchased 137,947 Litecoin (LTC) and 23,605 Bitcoin Cash (BCH) in the last 30 days.

The firm has more than $40 billion worth of digital assets under management.