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Bitcoin appears to have been moving in a narrow range over the past few days, but it has managed to post an astonishing 86% rally since the start of the year. The flows during the past week are indicative of the fact that the world’s leading crypto asset remains the primary focus of investors.
The recovery was not limited to bitcoin alone, as several top altcoins also saw substantial inflows during the same period. This includes Ripple (XRP), which is one of the options with positive flows.
bitcoin and xrp performance
Latest report from digital asset investment firm CoinShares revealed Digital asset investment products saw inflows of $125 million in a second week. This essentially resulted in inflows of $334 million over the past two weeks, which is roughly 1% of total assets under management (AUM).
Such a trend can be attributed to the recent price appreciation, in which AUM increased to $37 billion during the week, which is the highest point since the beginning of June 2022 and equal to the average AUM of 2022. Furthermore, trading activity was at an all-time high of $2.3 billion. This week is well above the annual average of $1.5 billion.
Investors particularly focused on bitcoin as it saw a massive $123 million in weekly inflows. Interestingly, the flows of the last 2 weeks represent 98% of all digital asset flows.
Short-bitcoin investment products did not suffer the same fate and instead recorded outflows of $0.9 million during the same period. This is the 10th week of outflows in these products, indicating that investors are confident in BTC’s price trajectory ahead of the halving event. While bearishness is appearing to short-bitcoin, it still remains the second best performing asset in terms of year-to-date inflows with $60 million.
Meanwhile, altcoins also registered light inflows. For example, Ethereum led the way with $2.7 million inflows. It was followed by Cardano and Litecoin with $0.9 million and $0.3 million respectively. On the other hand, Multi-Asset and Solana reported modest outflows of $1.8 million and $0.8 million, respectively.
In the case of XRP, the weekly inflow is positive at $0.4 million. The monthly (for June) and annual numbers are much more impressive, at $2.8 million and $6 million for the first half of 2023.
institutional bitcoin accumulation
The inflow for bitcoin comes at a time when institutional BTC holdings have seen a significant increase. Such a trend is important in determining the bigger picture as high-profile institutions actively seek long-term investment opportunities in the leading digital asset and are not focused on price fluctuations.
Bitcoin price moving above the psychological level of $31,000 was an important milestone in a bearish market, but the gains were expected to continue. A recent report from Matrixport states that BTC bulls are preparing for a “seasonal bounce” as the price is likely to rally in July. The firm estimated that bitcoin could potentially rise to $35,000. It was estimated at the end of the year at $45,000.
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Bitcoin appears to have been moving in a narrow range over the past few days, but it has managed to post an astonishing 86% rally since the start of the year. The flows during the past week are indicative of the fact that the world’s leading crypto asset remains the primary focus of investors.
The recovery was not limited to bitcoin alone, as several top altcoins also saw substantial inflows during the same period. This includes Ripple (XRP), which is one of the options with positive flows.
bitcoin and xrp performance
Latest report from digital asset investment firm CoinShares revealed Digital asset investment products saw inflows of $125 million in a second week. This essentially resulted in inflows of $334 million over the past two weeks, which is roughly 1% of total assets under management (AUM).
Such a trend can be attributed to the recent price appreciation, in which AUM increased to $37 billion during the week, which is the highest point since the beginning of June 2022 and equal to the average AUM of 2022. Furthermore, trading activity was at an all-time high of $2.3 billion. This week is well above the annual average of $1.5 billion.
Investors particularly focused on bitcoin as it saw a massive $123 million in weekly inflows. Interestingly, the flows of the last 2 weeks represent 98% of all digital asset flows.
Short-bitcoin investment products did not suffer the same fate and instead recorded outflows of $0.9 million during the same period. This is the 10th week of outflows in these products, indicating that investors are confident in BTC’s price trajectory ahead of the halving event. While bearishness is appearing to short-bitcoin, it still remains the second best performing asset in terms of year-to-date inflows with $60 million.
Meanwhile, altcoins also registered light inflows. For example, Ethereum led the way with $2.7 million inflows. It was followed by Cardano and Litecoin with $0.9 million and $0.3 million respectively. On the other hand, Multi-Asset and Solana reported modest outflows of $1.8 million and $0.8 million, respectively.
In the case of XRP, the weekly inflow is positive at $0.4 million. The monthly (for June) and annual numbers are much more impressive, at $2.8 million and $6 million for the first half of 2023.
institutional bitcoin accumulation
The inflow for bitcoin comes at a time when institutional BTC holdings have seen a significant increase. Such a trend is important in determining the bigger picture as high-profile institutions actively seek long-term investment opportunities in the leading digital asset and are not focused on price fluctuations.
Bitcoin price moving above the psychological level of $31,000 was an important milestone in a bearish market, but the gains were expected to continue. A recent report from Matrixport states that BTC bulls are preparing for a “seasonal bounce” as the price is likely to rally in July. The firm estimated that bitcoin could potentially rise to $35,000. It was estimated at the end of the year at $45,000.
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off fees on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
