Institutions Can’t Get Enough Of Crypto As Trading Volumes Hit New $30 Billion Record
2024年3月5日 - 11:30PM
NEWSBTC
Inflows into crypto investment products have ballooned in the past
few weeks to reach a record trading volume last week. According to
CoinShares, digital asset investment products received inflows of
$1.84 billion last week, the second-highest on record. Particularly
noteworthy is that the inflow into crypto funds caused trading
volume to cross over a weekly volume of $30 billion for the first
time. Institutions Rush To Crypto Weekly trading volume in
investment products has now displaced its 2021 record to cross over
$30 billion. The timing is not a coincidence, as most
cryptocurrencies are currently on the backs of bullish price action
for the past few weeks. Related Reading: Cardano On-Chain
Fundamentals Point To Massive Rally, Is $10 Possible? Recent market
dynamics have seen institutions and large traders rushing into
crypto assets, most especially Bitcoin. Consequently, this cohort
has become a large part of the crypto industry, contributing highly
to a surge in trading volume across the board. As expected,
the majority of inflows and trading volume was centered around
Bitcoin. Bitcoin remains the most popular digital asset for
institutions, and interest has really piqued since Spot Bitcoin
ETFs went live in the US. Last week, the weekly trading volume for
Spot Bitcoin ETFs alone crossed a record $22.3 billion. The ETFs
ended the week at a net inflow of $1.72 billion, despite an outflow
of $1.45 billion from Grayscale’s ETF. According to CoinShares,
around $1.73 billion, representing 94% of the total inflow into
investment products, went into Bitcoin last week. The company also
noted that investment products at times represented 50% of global
Bitcoin daily trading volumes on exchanges. Ethereum led the
altcoin market with a net inflow of $84.7 million, bringing its
total net inflow this year to $137 million. This is Ethereum’s
largest weekly inflow since mid-July 2022. However, its current
$14.6 billion worth of assets under management is 38% below its
all-time high of $23.7 billion. XRP, Chainlink, and Litecoin
registered inflows of $2.5 million, $1.6 million, and $1.2 million,
respectively. Short investors also poured $22 million inflows into
short-Bitcoin investment products. Related Reading: Shiba Inu
Blasts Into Top 10 Crypto Following 175% Price Surge On the other
hand, Solana registered an outflow of $11.9 million last week. Its
year-to-date flow has yet to turn positive, as it has been $14
million in outflows since the beginning of the year. Multi-asset
products also saw outflows of $0.3 million. In terms of
geographical location, the USA had the most inflows with $1.88
billion, Switzerland with $19.6 million, Australia with $3.7
million, and Brazil with $2.7 million. On the other hand, Canada,
Germany, and Sweden had net outflows of $23.1 million, $34.8
million, and $31.6 million, respectively. Total market cap at
$2.44 trillion | Source: Crypto Total Market Cap on Tradingview.com
Featured image from BitIRA, chart from Tradingview.com
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