The cryptocurrency market witnessed a significant surge today, with Bitcoin's value breaking past the $41,000 mark. This rally coincides with a substantial inflow of capital into crypto investment products, which reached a new peak since the launch of the US futures-based exchange-traded fund (ETF) in October 2021.
Investors channeled a record $176 million into these products over the past week. Bitcoin led the charge with an impressive $132.8 million in inflows, signaling strong investor confidence. Ethereum continued its upward trend for the fifth consecutive week, adding another $30.8 million.
Other cryptocurrencies like Solana and Cardano experienced modest gains. However, Litecoin bucked the positive trend and faced outflows. In a notable shift, the Bitcoin Short fund reversed its three-week outflow streak by attracting $3.6 million, suggesting a change in investor sentiment toward betting against the market.
The influx of funds was not evenly distributed globally. Canada emerged as the leader with $79 million worth of inflows, followed by Germany at $56.9 million, and the USA closely behind at $53.5 million.
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