Bitcoin continues dominance as 3rd week of fund inflows correct previous months’ outflows
Bitcoin inflows revealed no signs of decreasing this past week after publishing year-long highs in the previous 2. As Cointelegraph previously reported, BTC inflows for last week were $123 million. Today includes $10 million, bringing the two-week inflow haul for BTC alone to $256 million. This continues Bitcoins crypto market supremacy by extending its overall market cap from last weeks 51.46% to a reported 51.66% share as of July 11. In other excellent news for hodlers, blockchain equities inflows reached a year-long high of $15 million. This more than doubled recentlys $6.8 million, which snapped a nine week outflow streak of its own, according to Coinshares. However, there may be some indicator of stability on the horizon, as total liquidity appears to be down. According to the report, trading volume has struck a “seasonal low,” mimicing cycles from previous years that saw low liquidity in July and August.Related: Bitcoin supply shock will send out BTC rate to $120K– Standard CharteredDespite the continuing positive news surrounding inflows, some financiers appear to be getting anxious over the lack of a clear trend. Favorable belief generated by the expectation that one or more business would lastly receive permission from the U.S. government to use BTC as an area exchange traded fund might be tapering off as the process endures. There also remains an air of unpredictability as the Securities and Exchange Commissions ongoing lawsuits against Binance and Coinbase continues with no clear sign regarding how the courts will decide.
The other 2% mostly came from Ether (ETH), multi-asset holdings, and a handful of altcoins.Source: Screenshot, CoinShares After nine weeks where digital asset outflows outmatched inflows, this third consecutive week of positive motion brings the present streaks overall to $470 million. Bitcoin inflows revealed no indications of slowing down this previous week after posting year-long highs in the previous 2. As Cointelegraph previously reported, BTC inflows for last week were $123 million.
A third straight week of favorable digital property inflows has fully fixed 9 previous weeks of outflows for the market, according to a report from CoinShares published on July 10. This weeks inflows registered $136 million. Bitcoin (BTC) funds continued their trend of holding the anchor position, with 98% of the inflows originating from BTC. The other 2% mostly came from Ether (ETH), multi-asset holdings, and a handful of altcoins.Source: Screenshot, CoinShares After nine weeks where digital possession outflows surpassed inflows, this third successive week of positive motion brings the existing streaks total to $470 million. According to Coinshares, this total totally fixes for the previous outflow streak. This brings the last 3 successive weeks inflows to US$ 470m, completely fixing the previous 9 weeks of outflows.Trading turnover has slowed however, which might be discussed by the seasonal effects, where lower volumes are generally seen during July and August.2/ 6 pic.twitter.com/4uyvrY0aRP— CoinShares (@CoinSharesCo) July 10, 2023