Bitcoin’s what people are buying even as Ethereum dominates the headlines

Bitcoin led the way as digital asset investment products saw inflows for a fourth week in a row last week, according to Coinshares.

The world’s largest cryptocurrency by market cap saw inflows of $104 million, making up the bulk of the $114 million total. Bitcoin has surged about 80% year to date, though it’s recently dipped below the $30,000 level. It’s seen inflows of $310 million over the past four weeks.  

“We believe this is a flight to safety by investors fearful of the ongoing traditional finance challenges,” Coinshares said. “Opinion remains divided though, with short bitcoin seeing inflows totaling $14.6 million last week.”

Ether inflows totaled just $300,000 as Ethereum completed its Shapella upgrade. CoinShares also noted that there was little activity in altcoins, save for $2.1 million of outflows from Polygon.

Inflows over the past four weeks total $345 million, almost completely reversing a prior six-week run of outflows that saw $408 million leave the sector. 

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