CoinShares has reported a significant milestone in the realm of digital asset investment, with inflows hitting a record high of $13.8 billion in the first four months of 2024.
This surge in investment was largely fueled by a remarkable interest in Bitcoin (BTC), as evidenced by the $646 million influx from investors in the past week alone.
The appeal of Bitcoin among institutional investors, particularly those on Wall Street, was evident through the substantial demand for spot BTC ETFs.
Consequently, Bitcoin emerged as the primary driving force behind the inflows into various investment products.
Last week, Bitcoin witnessed inflows exceeding $663 million.
However, the overall weekly performance was tempered by short-BTC investment channels, resulting in $9.5 million in outflows.
This marked the third consecutive week of exits by bearish market participants.
Meanwhile, Ethereum (ETH) sustained its fourth consecutive week of outflows, totalling $22.5 million.
However, other alternative coins such as Litecoin and Solana (SOL) experienced heightened investor demand, accumulating a combined capital injection of at least $4 million.
The current influx of $13.8 billion surpasses the previous record set in 2021, which stood at $10.7 billion, followed by $6.6 billion in 2020.
This year’s robust performance represents a significant turnaround from the sentiment of 2023, which only attracted $2.3 billion in investments.
With Bitcoin trading at over $71,900, approaching its halving in less than two weeks, the cryptocurrency market experienced a 3% uptick.
Bitcoin is trading just 2% below its all-time high (ATH) of $73,750 achieved last month.
As discussions continue about the impact of the BTC halving on asset prices and the broader cryptocurrency ecosystem, Ignacio Palomera, CEO of Bondex, highlighted its potential influence on web3 jobs.
According to Crypto.news, the cryptocurrency job market has reached a 12-month high, driven by bullish market sentiment and renewed interest from venture capitalists in decentralized finance (DeFi) protocols.
Palomera emphasized the significance of the upcoming Bitcoin halving for the cryptocurrency market and the broader tech landscape.
Anticipating a surge in demand for blockchain talent, he emphasized the growing potential of blockchain technology, which is poised to fuel discussions around DeFi, Web3, and the future of finance.
This is expected to attract new users to the crypto space, further expanding its reach and impact.