The cryptocurrency market saw a significant surge today, with the value of bitcoin breaking through the $41,000 mark. This rally coincides with a significant influx of capital into crypto investment products, which has reached a new high since the launch of the U.S. futures-based exchange-traded fund (ETF) in October 2021.
Investors poured a record $176 million into these products last week. Bitcoin led the way 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 such as Solana and Cardano saw 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 shift in investor sentiment towards betting against the market.
The inflow was not evenly distributed across the globe. Canada led the way with $79 million in inflows, followed by Germany with $56.9 million and the U.S. with $53.5 million.
