According to a recent report from CoinShares, digital asset investment products attracted a total inflow of $30 million last week.
Bitcoin led the charge with $42 million in inflows, signaling renewed investor confidence as the cryptocurrency continues to navigate the early stages of the post-halving cycle. Ethereum, by contrast, saw a modest inflow of just $4.2 million.
According to CoinShares, digital asset investment products received a total inflow of $30 million last week, with $42 million flowing into Bitcoin and only $4.2 million flowing into Ethereum. Due to a sharp drop in Memecoin trading volume, Solana had a net outflow of $39 million,…
— Wu Blockchain (@WuBlockchain) August 19, 2024
Meanwhile, Solana faced significant challenges, recording a net outflow of $39 million. This marked the highest weekly outflow on record for the network, primarily driven by a sharp decline in Memecoin trading volume. The situation underscores the volatile nature of the digital asset market, where shifts in investor sentiment can lead to rapid changes in capital flow.
It has now been 119 days since the 2024 Bitcoin halving. Historical data suggests that Bitcoin typically reaches a market top approximately 530 days after a halving event.
It’s been 119 days since the 2024 #Bitcoin halving. In the last two cycles, $BTC hit a market top around 530 days post-halving.
If history repeats, we’re still in the early stages of this cycle! pic.twitter.com/Yxxo7DLfsg
— Ali (@ali_charts) August 19, 2024
If this pattern holds true, we may still be in the early stages of the current cycle, with ample room for growth. Investors, seemingly aware of this historical trend, are beginning to take on more risk, betting on a repeat of past Bitcoin bull markets.
We’re Still in a Bull Market
“Investors are starting to take risks and bet as they have in past #bitcoin bull markets.” – By @t0_god
Read more 👇https://t.co/YJ9wHwgeN8 pic.twitter.com/c9uFvNySZc
— CryptoQuant.com (@cryptoquant_com) August 19, 2024
Suspicious Transfer Involving Over 4000 BTC To Monitor
In a related development, blockchain investigator ZachXBT reported a suspicious transfer involving 4,064 BTC (approximately $238 million). The funds, potentially linked to victims of previous hacks, were moved across various platforms, including ThorChain, eXch, Avalanche Bridge, ChangeNow, Kucoin, and Railgun. Notably, two of the involved addresses were connected to Genesis Trading, with one holding 642.376 BTC (around $37.73 million) and the other 2,173 BTC (approximately $127 million).
According to ZachXBT, a suspicious transfer was made from a potential victim for 4064 BTC ($238M). Funds were transferred to ThorChain, eXch, Avalanche Bridge, ChangeNow, Kucoin, Railgun. https://t.co/XkDTNytBB9
— Wu Blockchain (@WuBlockchain) August 19, 2024
Last week also saw notable activity in the Bitcoin spot ETF market. Bitcoin spot ETFs had a net inflow of $32.58 million. Fidelity’s ETF FBTC led with an inflow of $82.11 million, followed by BlackRock’s IBIT with $71.07 million. However, Grayscale’s GBTC experienced a significant net outflow of $195 million, reflecting a shift in investor preferences within the ETF space.
Last week (August 12 to August 16, Eastern Time), Bitcoin spot ETFs had a net inflow of $32.58 million last week. Grayscale ETF GBTC had a net outflow of $195 million, Fidelity ETF FBTC had a net inflow of $82.11 million, and BlackRock ETF IBIT had a net inflow of $71.07 million.…
— Wu Blockchain (@WuBlockchain) August 19, 2024
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/digital-asset-investment-sees-30m-inflow-bitcoin-dominates-amid-solana-outflows/