The digital assets weekly inflows reach a new high of $2.9 million. Bitcoin remains the market leader, with a weekly influx of $2.8 million.
Weekly digital assets inflows surpassed yet another record today, March 18, amounting to $2.9 billion.
This achievement represents a noteworthy milestone in the cryptocurrency landscape.
After surpassing the $2.7 billion inflow mark in recent days, this achievement generated considerable interest among crypto market enthusiasts and highlighted the rapid global adoption of digital assets.
However, Bitcoin, which has received $2.89 billion in inflows during this extraordinary week, appears to be the frontrunner.
Following Bitcoin’s lead were additional altcoins, including Binance coin, Litecoin, Short Bitcoin, and Cardano.
A Closer Look Into The Report
According to a report, weekly inflows into digital asset investment products increased significantly, exceeding the ATH of $2.7 billion to reach $2.9 billion this week.
As a result of the massive selloffs that triggered the recent cryptocurrency market crash, investors poured considerable funds into the digital currency market, riding the buy-the-dip sentiment.
In the interim, these inflows contributed to the year-to-date totals surpassing $10.6 billion and reaching $13.2 billion, surpassing the entire inflow for 2021.
In contrast, this week witnessed trading volumes of $43 billion, which is comparable to the previous week’s figures and represents 47% of the total volume of Bitcoin transactions worldwide.
This week marked the first time that global exchange-traded products (ETPs) surpassed $100 billion; however, they quickly retreated to $97 billion, reflecting a correction observed at the close of the week.
Pending this, the United States exhibited the most substantial regional trend with $2.95 billion in inflows, while Australia, Brazil, and Hong Kong recorded only marginal inflows.
In contrast, outflows from Canada, Germany, Sweden, and Switzerland amounted to a combined $78 million, contributing significantly to the unfavorable start of the year given the phenomenal growth of outflows.
Bitcoin Leads Inflows While Smart Contracts Fall
Surprisingly, Bitcoin dominated these inflows of digital assets last week, accounting for $2.89 billion, which is equivalent to 97% of all inflows for the year.
Conversely, after five consecutive weeks, short Bitcoin products experienced their largest inflows in a year, totaling $26 million.
In addition, it appears that smart contracting experienced a decline in value during the previous week, as ETH, SOL, and MATIC recorded outflows of $14 million, $2.7 million, and $6.8 million, respectively.
Positively, after six weeks of outflows, blockchain equities experienced a complete 180-degree reversal with $19 million in inflows.