Bitcoin Receives $2B: The landscape of digital asset investments experienced a significant rise due to the total inflow of Bitcoin into investment products over the previous week. With an astounding $1.97 billion in inflows, Bitcoin (BTC) was the most valuable cryptocurrency. However, Ethereum (ETH) also had a substantial increase, which brought it to the forefront of attention.
Bitcoin & Ethereum Inflows Surge
This momentum has extended five weeks of cryptocurrency fund inflows, bringing the total inflows to $4.3 billion. The amount of traded cryptocurrency Exchange-Traded Products (ETPs) increased to a staggering $12.8 billion. In addition, it highlights a 55% increase compared to the prior week. The withdrawals from the ETPs continued to slow down, while inflows were noted across nearly all providers. This is an important observation.
Because U.S. macroeconomic data was far weaker than expected, this opinion changed. It has led to expectations of early monetary policy rate cuts. Favorable price movements pushed AuM beyond $100 billion for the first time since March. This was the first since March.
Regarding inflows, the United States was the most significant contributor, contributing $1.98 billion. At the beginning of the week, this includes the third-largest daily inflow ever recorded. With a total asset value of $21 billion, the iShares Bitcoin Exchange-Traded Fund (IBIT) offered by BlackRock has officially overtaken the Grayscale Bitcoin Trust.
In addition, Bitcoin Receives $2B continued to be the primary focus, as it received 1.97 billion dollars in new deposits throughout the week. While this was happening, short-Bitcoin products had outflows for the third week, amounting to $5.3 million. This indicates a movement in market sentiment towards a bullish stance on Bitcoin Receives $2B.
On the other hand, Ethereum garnered much interest, accomplishing its highest weekly inflows since March, totaling $69 million. There is a high probability that this increase is a reaction to the unexpected decision made by the SEC to authorize 19-b4s for Spot Ethereum ETFs. A further point to consider is that the positive response from investors highlights the growing popularity of Ethereum as well as the broader acceptance of its potential.
According to the data provided by CoinShares, the activity level of alternative cryptocurrencies was relatively low, with Fantom (FTM) and XRP being outliers. XRP came in second with $1.2 million, closely followed by Fantom, which saw inflows of $1.4 million. The recent rise in inflows was also fueled by speculations over the possibility of an exchange-traded fund (ETF) for XRP in the United States.
Also Read: Bitcoin Miners Diversifying Into A.I. Expect Billions
CPI & PPI Data This Week
This week, crypto investors will be careful about the U.S. Consumer Price Index (CPI) for May, which is crucial inflation data. Wednesday, U.S. 12th, is when the report is due. Both the Consumer Price Index (CPI) and its June 12sure, the Core CPI, are critical economic indicators that show how prices have changed and shed light on the state of inflation in the United States.
The U.S. price Index (PPI) and its core measure, the Core PPI, are important indicators of national inflation patterns. On Thursday, June 13, we should see these May numbers, which will provide us with further information 13. By releasing these inflation indices, Juneeserve’s future interest rate decisions will be heavily influenced. Investors in Bitcoin Receives $2B and other cryptocurrencies are investing much faith in the forthcoming CPI and PPI statistics, especially after last week’s mixed U.S. data. This will shape the Federal Reserve’s subsequent action. A recentU.SS…25% interest rate drop by thE.U. E.U. Central Bank is stoked. Speculation of a rate cut by the Federal Reserve, which in tE.U.n boosted the price of Bitcoin. Nonetheless, market sentiment indicates that the Federal Reserve will not implement a rate cut. Still, the Federal Reserve may impose stringent measures to rein in inflation during its forthcoming press conference.
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