Digital Asset Investment Products Attracted a Total Inflow of $30 Million Last Week, With Bitcoin Leading the Charge

According to a recent report from CoinShares, digital asset investment products attracted a total inflow of $30 million last week.

Digital asset investment products saw a total inflow of $30 million last week, according to a report from CoinShares.

Bitcoin led the inflows with $42 million, indicating renewed confidence among investors as the cryptocurrency continues to navigate the early stages of the post-halving cycle.

In contrast, Ethereum attracted a modest inflow of only $4.2 million.

According to CoinShares, digital asset investment products received a total inflow of $30 million last week, with $42 million flowing into Bitcoin and only $4.2 million flowing into Ethereum.

Due to a sharp drop in Memecoin trading volume, Solana had a net outflow of $39 million,…

— Wu Blockchain (@WuBlockchain) August 19, 2024

Meanwhile, Solana faced challenges with a net outflow of $39 million, marking the highest weekly outflow for the network. This outflow was primarily driven by a sharp decline in Memecoin trading volume, highlighting the volatile nature of the digital asset market and how shifts in investor sentiment can lead to rapid changes in capital flow.

It has now been 119 days since the 2024 Bitcoin halving. As highlighted by historical data, Bitcoin tends to reach a market top approximately 530 days following a halving event.

It's been 119 days since the 2024 #Bitcoin halving. In the last two cycles, $BTC hit a market top around 530 days post-halving.

If history repeats, we're still in the early stages of this cycle! pic.twitter.com/Yxxo7DLfsg

— Ali (@ali_charts) August 19, 2024

If this pattern holds true, we may still be in the early stages of the current cycle, with ample room for growth. Seemingly aware of this historical trend, investors are beginning to take on more risk, likely betting on a repeat of past Bitcoin bull markets.

We're Still in a Bull Market

“Investors are starting to take risks and bet as they have in past #bitcoin bull markets.” – By @t0_god

Read more 👇https://t.co/YJ9wHwgeN8 pic.twitter.com/c9uFvNySZc

— CryptoQuant.com (@cryptoquant_com) August 19, 2024

Suspicious Transfer Involving Over 4000 BTC to Monitor

In a related development, blockchain investigator ZachXBT reported a suspicious transfer involving 4,064 BTC (approximately $238 million).

The funds, which may be linked to victims of previous hacks, were moved across various platforms, including ThorChain, eXch, Avalanche Bridge, ChangeNow, Kucoin, and Railgun. Notably, two of the involved addresses were connected to Genesis Trading, with one holding 642.376 BTC (around $37.73 million) and the other 2,173 BTC (approximately $127 million).

According to ZachXBT, a suspicious transfer was made from a potential victim for 4064 BTC ($238M). Funds were transferred to ThorChain, eXch, Avalanche Bridge, ChangeNow, Kucoin, Railgun. https://t.co/XkDTNytBB9

— Wu Blockchain (@WuBlockchain) August 19, 2024

Last week also saw activity in the Bitcoin spot ETF market. Bitcoin spot ETFs had a net inflow of $32.58 million. Fidelity’s ETF FBTC led with an inflow of $82.11 million, followed by BlackRock’s IBIT with $71.07 million. However, Grayscale’s GBTC experienced a significant net outflow of $195 million, reflecting a shift in investor preferences within the ETF space.

Last week (August 12 to August 16, Eastern Time), Bitcoin spot ETFs had a net inflow of $32.58 million last week. Grayscale ETF GBTC had a net outflow of $195 million, Fidelity ETF FBTC had a net inflow of $82.11 million, and BlackRock ETF IBIT had a net inflow of $71.07 million.…

— Wu Blockchain (@WuBlockchain) August 19, 2024

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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