The cryptocurrency market has seen unprecedented momentum driven by Donald Trump’s upcoming term. Weekly inflows jumped to a record $2.2 billion, the most of the year and a bet on digital assets.
According to CoinShares latest report, that capital surge is due to optimism around Donald Trump’s Jan. 20 inauguration. That brought the year’s total to $2.8 billion from inflows. Influx pushes year to date inflows to $2.8 billion, lifts assets under management (AUM) to all time high of $171 billion.
Bitcoin Soars Nearly 20% as Trading Volumes Surge to $21 Billion
Bitcoin, which led the rally, has rocketed almost 20% in the past week to near a record high just shy of $110,000. Bitcoin’s trading activity on these exchanges picked up too with exchange traded product (ETP) trading volumes increasing to $21 billion, 34 percent of the total trading volume in Bitcoin.
This, however, is in line with the growing institutional interest and mainstream adoption, said James Butterfill, head of research at CoinShares. For the week ending April 15, despite a loss to $719 million, Bitcoin continued to dominate the market with inflows of $1.9 billion that bring the total annual inflows to $2.7 billion.
Collectively, Bitwise, Ark Invest, Fidelity and BlackRock’s Spot Bitcoin ETFs attracted over $2.1 billion. It is viewed as a vote of confidence that incoming regulatory support will be provided by the inflows. Despite the bullish sentiment in the market, it was kind of surprising that Short-Bitcoin products received a modest $500,000 in inflows.
Ethereum Reverses Outflows, Still Trails Other Cryptos in Inflows
Inflows into Ethereum surpassed outflows this year, after having been in negative territory for six months, but the move still makes it by far the worst performer among major cryptocurrencies on inflows.
On the other hand, XRP was unique, taking in $31 million last week and $484 million overall since mid November 2024. Solana brought in $2.5 million and Stellar snagged $2.1 million, among the few other altcoins that saw action.
Amidly optimistic sentiment regarding regulatory and institutional developments, these inflows help to showcase how the sector is pursuing new highs as the crypto market gains traction among investors.
This news is republished from another source. You can check the original article here
