Bitcoin, the worlds largest cryptocurrency, attracted approximately $442 million in BTC-related investment products last week.
According to the latest weekly digital asset fund flows report published by CoinShares, the total inflows into cryptocurrency investment products reached $489 million in the last week of April, the largest inflow since February 2021. Additionally, institutional inflows were mainly focused on Bitcoin.
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Apart from Bitcoin, CoinShares highlighted a positive sentiment in Ethereum-related investment products. ETH attracted $30 million worth of inflows last week as the total Ethereum investment products under management reached a record high of $13.9 billion.
The varied inflows were primarily Bitcoin focused, where we believe that some investors are beginning to take more optimistic positions after having range traded since February, while others have capitulated and taken profits, CoinShares mentioned in the report.