Crypto asset investment products recorded $136 million inflows last week, CoinShares reported on July 10. Another week of high inflows indicates that institutional and retail investors remain bullish on Bitcoin and other cryptocurrencies as digital asset investment products saw three consecutive weeks of inflows after nine consecutive weeks of outflows.
Cryptofunds register third week of inflow
Crypto asset funds saw a total of $470 million in inflows over the past three weeks. First, $199 million inflow, followed by $125 million inflow and $136 million in the past week. It also brought year-to-date inflows to a net positive $231 million, despite nine weeks of outflows.
Bitcoin remains an investor favorite once again, with $133 million inflows, compared to $123 million in a previous week. It shows that Bitcoin bulls are preparing to dominate and are starting to gain technical advantage this month. In addition, short Bitcoin investment products saw an 11th week of sequential outflows despite a recent price surge, with this week’s outflows of $1.8 million.
Surprisingly, blockchain stocks saw the largest $15 million inflow ever recorded in a year.
Meanwhile, altcoins such as Ethereum, Solana, XRP, Polygon, Litecoin, and Aave saw inflows, while both Cosmos and Cardano saw minor outflows. Investors are also interested in investing in Ethereum (ETH), as inflows rose to $2.9 million last week from $2.7 million in an earlier week.
ProShares ETFs, ETC Issuance GmbH, CoinShares Physical and 21Shares AG recorded the most inflows last week. Germany led the United States in crypto fund inflows last week, with Canada in third place.
Also Read: Bitcoin, Ethereum, USDT Trading Discounted on BinanceUS, Arbitrage Opportunity or Trap?
Bitcoin price set at $50000
According to an analysis by CoinGape Markets, Bitcoin has a long-term bullish outlook of $48,000, it could first reach highs around $38,000 followed by a retracement to $35,000 before the eventual rally to $50,000 is expected by the end of 2023.
Spot Bitcoin exchange-traded fund (ETF) applications by BlackRock, Fidelity Investments and others remain the main topic of discussion in the cryptosphere since June.
In fact, Standard Chartered Bank raises her forecasts for Bitcoin price to reach $50,000 this year and $120,000 by the end of 2024.
Read more: Standard Chartered revises Bitcoin (BTC) price forecast to $50,000, $120,000 in 2024
Varinder has 10 years of experience in the Fintech sector, with more than 5 years dedicated to blockchain, crypto and Web3 developments. A technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in more than 5,000 news stories, articles and newspapers. With CoinGape Media, Varinder believes in the enormous potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
This post $500 Million Crypto Asset Inflows Cause Bulls to Retake $50,000 Bitcoin (BTC) Price
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