Bitcoin as a focal point
As stated in the report, Bitcoin (BTC) remains a crucial focus, attracting $20 million in inflows, bringing the year-to-date total to $1.7 billion. Notably, short positions on Bitcoin received $8.6 million in inflows, reflecting concerns about the sustainability of current price surges.
At the same time, Ethereum (ETH) marked its sixth consecutive week of inflows, totaling $10 million. Just seven weeks ago, Ethereum experienced year-to-date outflows of $125 million, showcasing a substantial recovery. Altcoins Solana and Avalanche maintained their popularity with $3 million and $2 million in inflows, respectively.
Furthermore, blockchain equities witnessed a milestone with their most significant weekly inflows on record, reaching $126 million.
A strategic asset
A few days earlier, CoinShares shared a report highlighting that Bitcoin was a pivotal strategic asset for portfolio exposure management.
This recommendation aligns with a substantial uptick in inflows to digital asset investment products, totaling $1.7 billion in the past nine weeks. At the time, the most significant surge since late 2021 is considered to be the continuation of a bull run.
