Home Analysis Investors flock to Bitcoin after Ethereum’s Shapella upgrade

Investors flock to Bitcoin after Ethereum’s Shapella upgrade

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According to a CoinShares report, digital asset investment products saw an inflow of $114 million in the week of April 11 as investors poured their money into Bitcoin (BTC).

Last week’s inflow is the fourth consecutive week of inflows for crypto products.according to coinsharesinflows during this period now total $345 million.

Source: Coinshares

Bitcoin inflow tops $100 million

BTC dominated inflows into crypto investment products, accounting for 91% of all investments ($104 million) for the week.

The flagship digital asset traded above $30,000 for the first time in almost a year.The adoption New all-time highs as more addresses than ever held at least 0.1 BTC.

Meanwhile, CoinShares investment strategist James Butterfill wrote that the influx of BTC shows a “flight to safety by investors fearing the ongoing traditional financial challenges.”

Butterfill added:

“This improved sentiment has led to very low trading volumes in the Bitcoin market, averaging just $5.6 billion per day compared to $12 billion for the full year.”

However, he noted that “opinions remain divided,” as Bitcoin short products also saw an inflow of $14.6 million.

The total inflow of BTC in the year-to-date metric is around $78 million.

Ethereum, Others See Minimal Inflows

Ethereum (ETH) saw an inflow of $300,000 in the past week despite the completion of the Shapella upgrade. The Chapela upgrade is the first major ETH network update since the merge, allowing validators to withdraw staked ETH.

This upgrade was positively reflected in the value of ETH, which crossed $2,100 for the first time since May 2022. At the time of writing, over 1 million of his ETH have been withdrawn.

According to Coinshares, apart from Polygon (MATIC) and Solana (SOL), altcoins saw little movement, each saw an outflow of $2.1 million.

Meanwhile, blockchain stocks have returned to pre-FTX levels as they saw inflows of $5.8 million during the week under review. Total assets under management for the product reached $1.9 billion, the highest since October 2022.

Post Investors flock to Bitcoin after Ethereum’s Shapella upgrade first appeared on CryptoSlate.

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