Bitcoin draws $3 billion in weekly inflows as prices approach $100,000 milestone

Digital asset investment products experienced a record week, with $3.13 billion in inflows, increasing total investments since mid-September, the start of US interest rate cuts, to 15.2 billion dollars.

According to CoinShares, year-to-date inflows have soared to $37 billion, marking a new milestone and eclipsing the early success of US gold ETFs, which attracted just $309 million in the first year . Bitcoin ETFs continued to shine, with the biggest inflows recorded last week.

With Bitcoin prices climbing to new heights and approaching $100,000, the cryptocurrency saw inflows of $3 billion, highlighting strong investor demand. However, this bullish momentum was accompanied by a notable increase in short Bitcoin investments, which saw $10 million in weekly inflows. During the month, Bitcoin short product inflows reached $58 million, representing the highest monthly total since August 2022.

In its latest report, CoinShares revealed that Solana led the altcoin pack last week with $16 million in inflows, far surpassing Ethereum’s $2.8 million, though it remains behind the performance of this past year to date.

Meanwhile, XRP, Litecoin, and Chainlink saw significant inflows, reaching $15 million, $4.1 million, and $1.3 million, respectively. Cardano also took in a modest $0.7 million in the same period.

In contrast, multi-asset investment products suffered outflows for the second week in a row, with a total of $10.5 million leaving the market.

While the United States recorded inflows of $3.2 billion, profit-taking activities in Sweden, Germany and Switzerland led to outflows of $84 million, $40 million and $17 million, respectively, following recent price increases. Brazil also experienced a significant outflow of $12.5 billion, further deteriorating the global picture.

However, Canada, Hong Kong, and Australia put up a strong showing, with receipts of $31 million, $30 million, and $9 million, as market sentiment turned positive in these regions.

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