Site iconSite icon ForkLog

Bitcoin Products Attract $706 Million Amid Six-Week Inflow Streak

Bitcoin Products Attract $706 Million Amid Six-Week Inflow Streak

Between May 4 and May 8, inflows into exchange-traded cryptocurrency products totaled $857.9 million. This positive trend has persisted for six consecutive weeks, marking a record since late April.

Weekly inflow dynamics into crypto funds. Source: CoinShares.

The total assets under management rose to $160 billion. CoinShares analysts attributed the growth to progress in discussions on the CLARITY Act. Against this backdrop, the price of Bitcoin rose above $82,000.

The majority of funds were allocated to Bitcoin, amounting to $706.1 million. Since the beginning of the year, the net inflow into the leading cryptocurrency has reached $4.9 billion. Investors withdrew $14.4 million from bearish instruments, indicating a weakening expectation of a correction.

Weekly capital allocation by assets. Source: CoinShares.

Altcoins also showed growth:

The United States leads in investment volume with $776.6 million. In Europe, demand was distributed among Germany ($50.6 million), Switzerland ($21.1 million), and the Netherlands ($5 million). Outflows were recorded only in multi-asset funds, which lost $5.5 million.

Weekly capital allocation by regions. Source: CoinShares.

Profit-Taking

Bitcoin investors have begun to take profits en masse. This is indicated by the on-chain indicator aSOPR, which has remained above one for nine consecutive days, writes analyst Carmelo Aleman.

According to him, the duration of the signal is crucial. A nine-day series reduces the likelihood of market “noise” and confirms a sustained trend. The last similar dynamic was observed in October-November 2023.

From a market structure perspective, this means that buyers are successfully absorbing supply. Coins are being sold at a profit, yet the asset’s price does not collapse.

Aleman interprets this not as a sign of euphoria but as a transition to a growth phase. The trend will change if the indicator falls below the threshold level, signaling that participants are once again selling assets at a loss. As long as aSOPR remains above 1, the market maintains a constructive dynamic. \

From April 27 to May 1, inflows into investment crypto products amounted to $117.8 million.

Exit mobile version