Bitcoin Finally Records $59M In Weekly Inflows After 8 Consecutive Weeks Of Outflows

Investor sentiment toward Bitcoin BTC/USD has seemingly reignited, as the cryptocurrency saw $59 million in inflows over the last week.

This week’s BTC inflows also marked the end of an eight-week period of outflows from the asset — the longest period of outflows observed across any digital asset investment product, according to data from CoinShares. 

Over the past few weeks, institutions appeared to favour altcoins in place of their market-leading counterpart. Leading altcoins such as Ethereum ETH/USD, Solana SOL/USD and Cardano ADA/USD all recorded massive inflows over the past few weeks.

This week, Bitcoin represented 60% of the $97.8-million inflow into crypto investment products.

This is not to say that investor sentiment around altcoins diminished in any way. Inflows to Ethereum stood at $14.4 million, while inflows to Solana increased by more than 380% to $13.2 million this week.

Solana’s price also increased by over 52% over the last seven days as the coin dominated discussions across social media platforms.

Photo: Jeremy Bezanger on Unsplash.