Cryptocurrency investment products attracted $1.4 billion from April 13 to 17, marking significant growth led by Bitcoin and Ethereum.
Between April 13 and 17, cryptocurrency investment products garnered a remarkable $1.4 billion, marking the strongest performance since January and the third week of consecutive growth, as detailed in a report by CoinShares.
Current total assets managed in the sector now stand at $155 billion.
Bitcoin was the primary catalyst for this growth, achieving a price of $78,000. Investor sentiment improved significantly, bolstered by reports of international negotiations. While U.S. inflation for March was noted at 3.3%, the market largely overlooked this figure, instead focusing on a core inflation index of 2.6%.
Bitcoin saw the largest inflow, totaling $1.116 billion, bringing year-to-date investments in the cryptocurrency to $3.1 billion. The price surge past $76,000 was interpreted as a critical technical indicator following a two-month period of stagnation, with only $1.4 million directed towards products speculating on Bitcoin's price decline.
Ethereum also performed well, attracting $328 million, the highest inflow for the year to date. Conversely, other altcoins faced outflows, with Solana losing $2.3 million and XRP experiencing a $56 million decline.
Regionally, the U.S. led with an inflow of $1.5 billion, while Germany saw a gain of $28 million. However, Switzerland reported a significant outflow of $138 million, the largest since November of the previous year.
For context, the week prior, from April 6 to 10, cryptocurrency investment products had already seen a notable inflow of $1.1 billion, the highest weekly total since January.
