Bitcoin-Based Funds See Record Inflows
Bitcoin-based funds saw $140 million in inflows last week, bringing total deposits over the past four weeks to $742 million. That marks the most substantial run of inflows since the end of 2021.
The vast majority of the activity was concentrated in North America, with the United States experiencing inflows totaling $109 million, while Canada saw inflows of $28 million. Europe as a whole saw minor outflows; however, Switzerland bucked the trend and recorded minor inflows into domestic Bitcoin funds.
The surge of activity within the Bitcoin space suggests that sentiment towards the flagship cryptocurrency is retaking a positive trend. The inflows also come as Bitcoin’s performance has been on a bit of a tear in recent weeks – Bitcoin has seen its fiat exchange rates grow by over 20% in the past month, and its market capitalization has grown to nearly $600 billion when denominated in the U.S. dollar.
It remains to be seen whether the recent inflows into Bitcoin-based funds will be sustained over the long term. However, the data currently suggests that interest is returning to Bitcoin across a wide range of users, which could bode well for Bitcoin’s future.
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