Bitcoin Secures Top Position in Crypto Investments with 296 Million Dollars Inflows, Per CoinShares Report

Crypto News– According to a recent report from CoinShares, there has been a significant surge in inflows into digital assets and cryptocurrency investment products, reaching levels not seen since July 2022.

Bitcoin Secures Top Position in Crypto Investments with 296 Million Dollars Inflows, Per CoinShares Report

Last week, a total of $326 million found its way into digital asset investment products, with a substantial portion, 90%, being attributed to Bitcoin. The report specifically highlights that Bitcoin attracted $296.3 million of the total $326 million in inflows for digital assets in the past week.

The report states, “Bitcoin saw 90% of the inflows at US$296m, although recent price rises also prompted inflows of US$15m into short-Bitcoin investment products.” This represents a notable increase in investment compared to the previous week when the total inflow was $66 million, which is roughly five times less than the amount recorded in the most recent week. During that previous week, Bitcoin contributed $55 million to the total inflow, while Solana accounted for $15.5 million.

Bitcoin Captures Enthusiasm and Buzz

Recent reports indicate that regulatory developments and increased investments have influenced Bitcoin’s current price surge in the past few weeks.

As of this report, Bitcoin is currently trading at $34,450.

This uptrend has also instilled greater confidence among analysts regarding other cryptocurrencies. Notably, on October 26, BeInCrypto reported that analysts are envisioning a potential price target of $1 for XRP by the end of 2023. Achieving this target would require an approximate 80% increase in XRP’s price from its current levels.