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Bitcoin and the U.S. led capital inflows into crypto-backed products as investors seized lower-priced market opportunities.
According to research, investors parked $1.44 billion in crypto vehicles, with $1.35 billion flowing into Bitcoin (BTC) ETFs in the U.S. and other regions. These numbers marked Bitcoin’s fifth-largest weekly influx and propelled the total crypto product inflows for 2024 to $17.8 billion.
Altcoins like Ethereum (ETH) also garnered positive investor attention, drawing in $72 million last week for the first time since March. This year’s inflows have eclipsed 2021’s $10.6 billion and continue to set new records for digital asset investments.
Crypto Markets on the Rise
Cheaper crypto prices seen last week incentivized investors to spend on digital asset investment products, leading to a market revival noted on Monday. The total crypto markets rose 3.9%, recovering to $2.4 trillion. Bitcoin’s 5.2% surge in 24 hours allowed the token to reclaim $62,500, narrowing the gap from its March peak to 15%.
Major altcoins like Ethereum, BNB, and Solana (SOL) followed suit with more than 5% price increments. Overall, market sentiment has also improved, sitting neutral at press time. The crypto fear and greed index showed a 52 rating, a recovery from the market fears recorded last week.
Market Influences
Researchers suggested that the market uptick was triggered by recent political events and confidence that a pro-crypto presidential aspirant has a better chance of being elected. The firm also cited exhausted selling from German authorities. An excerpt from the report reads:
“We think that the market was already positioned for a rally with the German government having exhausted their supply and also with large hedge funds aggressively buying calls last week. Recent events were the perfect trigger for a market raring to go long.”
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