On April 11, European cryptocurrency investment firm CoinShares published its latest “Digital Asset Fund Flows Report“, revealing that digital asset investment products experienced positive sentiment with deposits totaling $57 million last week, bringing numbers back to a net positive year-to-date position. However, despite this, “volumes were low at $970 million for the week,” and the global Bitcoin (BTC) trading market also saw low volumes, which “were only 25% of the year to date, with USD 18,000 million in the week”.
According to the report, deposits were mainly driven by US investors, with USD 27 million in deposits. Germany, Switzerland and Canada also posted positive sentiment, with deposits totaling $17 million, $13 million and $2.2 million, respectively, indicating a general increase in confidence in digital assets.
Investors were mainly focused on Bitcoin, with BTC receiving $56 million, making up 98% of total deposits. Meanwhile, heShorted Bitcoin products saw minor withdrawals totaling $0.6 million. By contrast, altcoins including Uniswap (UNI), Polkadot (DOT) and Polygon (MATIC) saw minor deposits below $1 million each.
The report also noted that despite the Shapella upgrade of the Ethereum network scheduled for April 12, Ether (ETH) deposits were relatively small at $600,000, suggesting that perhaps investors are cautious about investing in Ethereum until they have more confidence in the impact of the upgrade. Additionally, blockchain stocks saw smaller deposits totaling $2.1 million, signaling a relatively quiet week for this market segment.
Overall, the positive sentiment in the digital asset market last week, despite low volumes, indicates that investors remain bullish on the cryptocurrency’s outlook. As we told you before, Bitcoin has recaptured $30,000, its highest price since June 2022. Over the past 30 days, BTC posted gains of almost 46%, rising to its highest level in ten months on April 11.
On April 5, the US business intelligence firm MicroStrategy added another 1,045 Bitcoin to its growing cryptocurrency treasury, worth approximately $29.3 million at an average price of $28,016 per BTC – MicroStrategy CEO Michael Saylor announced in a tweet. Saylor has been a prominent Bitcoin advocate, urging companies to incorporate the leading cryptocurrency into their strategic asset allocation. He has always insisted that Bitcoin is the most reliable and secure store of value available on the market today, and presents a distinctive avenue for companies to protect their assets against inflation.
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