Digital asset investment products have seen a significant increase in inflows this year, with a record-breaking $646 million coming from investors, particularly interested in Bitcoin last week. According to CoinShares, cryptocurrency investment vehicles have attracted over $13.8 billion in the first four months of 2024. Bitcoin has been a major focus, with spot BTC ETFs drawing interest from Wall Street investors and driving inflows into investment products.

Last week, Bitcoin received inflows of over $663 million. However, short-BTC investment rails resulted in $9.5 million in outflows, marking the third consecutive week of exits by bearish market participants. Ethereum also experienced outflows for the fourth week in a row, totaling $22.5 million. On the other hand, altcoins like Litecoin and Solana saw investor demand, accumulating at least $4 million in capital.

The record for the largest inflows was previously held by 2021 at $10.7 billion, followed by $6.6 billion in 2020. Year-to-date numbers show a significant turnaround from last year’s sentiment, which only attracted $2.3 billion.

Bitcoin traded for over $71,900 today, less than two weeks before its halving, gaining 3% after a market-wide uptick. The largest cryptocurrency traded only 2% away from its all-time high of $73,750 achieved last month.

While the impact of the BTC halving on the asset’s price and the broader cryptocurrency ecosystem is being discussed by market observers and blockchain proponents, Bondex CEO Ignacio Palomera believes that the event will also affect web3 jobs. The cryptocurrency job market hit a 12-month high following bullish market sentiment and a return of venture capitalist interest in DeFi protocols.

The upcoming Bitcoin halving is a significant moment not only for the cryptocurrency market but also for the tech industry as a whole. This is expected to lead to a surge in demand for blockchain talent as companies aim to leverage the growing potential of this technology. This will spark discussions around DeFi, Web3, and the future of finance, attracting a new wave of users to the crypto space.

Ignacio Palomera, Bondex CEO

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