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Home»Bitcoin»Why Bitcoin Remains the Most Preferred Digital Asset
Bitcoin

Why Bitcoin Remains the Most Preferred Digital Asset

2023-07-18No Comments3 Mins Read
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  • BTC inflows since the start of the year exceeded $500 million.
  • Leading alt ETH saw outflows despite the rise in the coin’s value.

Digital asset investment product inflows topped $137 million last week, marking its fourth consecutive week of inflows at $742 million, CoinShares found in a new report.

According to the digital asset investment firm, last month’s total inflows represented the largest inflow since the last quarter of 2021.

Source: CoinShares

Despite the annual average trading volume for investment products hovering around $1.4 billion, CoinShares noted that last week’s trading volumes for these products increased to a total of $2.3 billion, beating the average by a significant margin.

CoinShares added,

“Volumes currently make up a much larger portion of total crypto volumes, up 11% last week compared to the 2% average.”

Investor sentiment is favorable for Bitcoin

For the fourth straight week, investors are “maintaining (rescuing) their focus on Bitcoin” as the king coin recorded inflows totaling $140 million last week. This accounted for 99% of the total intake in that period. While the price of BTC trended downward after a short trade at a two-month high of $31,693 on July 13, the king coin saw its inflows grow by 5% over that period.

The additional $140 million inflow brought the leading coin’s YTD net inflows to $571 million, with $25 billion in assets under management (AuM). This represented the third week in which BTC recorded net inflows YTD after being in a net outflow position of $171 million a month ago.

On the other hand, short bitcoin investment products saw outflows of $3.2 million last week, representing 12 weeks of consecutive outflows. According to CoinShares:

“A combination of recent price increases and outflows has caused short bitcoin total assets under management to drop from their peak of US$198 million in April to just US$55 million.”

However, despite continued bearishness for short bitcoin, it remained the second best performing asset in terms of inflows YTD at $55 million, albeit in a steady decline, data from the report showed.

Source: CoinShares

ETH leads from the back

With an outflow of $2 million recorded during the reporting period, altcoin leads Ethereum [ETH] emerged as the “assets with the most outflows since the start of the year”.

Source: CoinShares

While the alt’s price saw some growth over the past week, the price growth failed to translate into any inflows for ETH, CoinShares found.

See also  Tarief break Sparks Crypto Rally: Bitcoin is at the top $ 82k, ETH and XRP Surge 13%

As for other altcoins, Solana [SOL]polygon [MATIC]and Litecoin [LTC] saw a small inflow of “between US$0.5 million, US$0.5 million and US$0.3 million, respectively.”

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Asset Bitcoin Digital Preferred Remains
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