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Bitcoin-related investment products attracted $442 million last week.

Bitcoin rallied to a fresh all-time high on Friday, rising past $41k for the first time as investors increasingly view it as an inflation hedge.


According to the latest weekly report published by CoinShares, the total inflows into the leading cryptocurrency investment products reached $489 million in the last week of April, the largest inflow since February 2021. Additionally, institutional inflows were mainly focused on Bitcoin. Apart from Bitcoin, CoinShares highlighted a positive sentiment in Ethereum-related investment products. ETH also attracted $30 million worth of inflows last week as the total Ethereum investment products under management reached a record high of $13.9 billion.

 

“The varied inflows were primarily Bitcoin focused.”

“The varied inflows were primarily Bitcoin focused, where we believe that some investors are beginning to take more optimistic positions after having range traded since February, while others have capitulated and taken profits,” CoinShares mentioned in the report. The company highlighted significant outflows in Bitcoin Cash as approximately $1.7 million worth of investment left BCH-related products. As reported earlier, the latest surge in Dogecoin (DOGE), Chainlink (LINK), and Litecoin (LTC) pushed BCH out of the list of top 10 cryptocurrencies. 

 

Bitcoin saw a jump in its on-chain activity. 

Despite a relatively slow week for the leading cryptocurrency, bitcoin saw a significant jump in its on-chain activity. Earlier this week, BTC whales saw the largest single-day growth in new addresses. “Bitcoin has slid these past couple of days, but as the crowd shows mild concern, new whale addresses have been created. The number of 1,000+ BTC addresses has jumped back to 2,234, with the largest single-day growth in new addresses (7) since March 31,” crypto analytics platform, Santiment mentioned on Twitter. At the time of writing, bitcoin is trading near $55,000 with a market cap of approximately $1.02 trillion. BTC registered an all-time high of nearly $64,500 on April 14. As reported earlier, bitcoin dominance has been declining over the past few weeks. 



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