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According to the latest data from Coinshares Digital Asset Fund Flows Weekly Report, Bitcoin led the way in this positive movement, attracting an impressive $312 million inflows over the last week. Notably, this considerable influx catapulted Bitcoin’s year-to-date total to a formidable $1.5 billion, underscoring a fervent rekindling of investor faith in the pioneering digital asset.
Short-Selling Decline Fuels $45.3B Crypto AUM
A noticeable decline in short-selling activity across the cryptocurrency landscape proves that general market sentiment experienced a noteworthy shift. This pivot signifies a palpable shift in investor confidence, with the decreased short-selling juxtaposed against the substantial surge in Bitcoin inflows.
Ethereum, the second-largest cryptocurrency by market capitalization, has concurrently embraced a resurgence of interest among investors. After registering an inflow of $34 million the preceding week, Ethereum nearly nullified its year-long outflows, marking a significant pivot in investor sentiment towards the altcoin. Over a concise span of four weeks, Ethereum accumulated a commendable $103 million in inflows, affirming its regained traction and investor confidence.
Bitcoin ETF Speculation Sparks Investor Optimism
The ongoing momentum encapsulates a remarkable nine-week streak of inflows, indicative of a prevailing optimism pervading the market. Much of this buoyancy stems from the fervent anticipation encircling the impending launch of a Bitcoin spot ETF in the U.S., a development poised to reshape the landscape of cryptocurrency investment products significantly.
  
Simultaneously, the total assets under management (AUM) for digital asset products surged to an impressive $45.3 billion, marking a notable milestone as the figures soared to their highest point in over eighteen months. This exponential growth in AUM is attributed to surging prices and a surge in fresh investments flooding into the market.
Canada, Germany Drive 87% of $346M Inflows
Amid this monumental influx, global contributions played a pivotal role, with Canada and Germany emerging as the primary drivers, collectively accounting for a dominant 87% of the total inflows. In contrast, the U.S. market, although participating, exhibited relatively restrained enthusiasm, with inflows amounting to a modest $30 million.
In the broader crypto landscape, altcoins demonstrated commendable momentum, with tokens like Solana, Polkadot, and Chainlink witnessing positive inflows totalling $3.5 million, $0.8 million, and $0.6 million, respectively. This altcoin resurgence further reinforces the sweeping optimism in the cryptocurrency investment sphere.
Source: https://zycrypto.com/spot-bitcoin-etf-buzz-triggers-largest-weekly-crypto-inflows-at-346-million/