Bitcoin inflows up for fourth week; ether sees little interest despite Ethereum’s Shapella news

Quick Take

  • Coinshares-tracked inflows saw investor favoring bitcoin over ether, despite Ethereum being all over the news with its Shapella upgrade.

Bitcoin led the way as digital asset investment products saw inflows for a fourth week in a row last week, according to Coinshares.

The world's largest cryptocurrency by market cap saw inflows of $104 million, making up the bulk of the $114 million total. Bitcoin has surged about 80% year to date, though it's recently dipped below the $30,000 level. It's seen inflows of $310 million over the past four weeks.  

"We believe this is a flight to safety by investors fearful of the ongoing traditional finance challenges," Coinshares said. "Opinion remains divided though, with short bitcoin seeing inflows totaling $14.6 million last week."


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Ether inflows totaled just $300,000 as Ethereum completed its Shapella upgrade. CoinShares also noted that there was little activity in altcoins, save for $2.1 million of outflows from Polygon.

Inflows over the past four weeks total $345 million, almost completely reversing a prior six-week run of outflows that saw $408 million leave the sector. 

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Christiana is a long-time journalist who has written about markets in the Americas, politicians who stashed cash in their underwear and high-end heels, to name just a few. She previously spent six years at Bloomberg, and her work has appeared in the WSJ, LA Times, Insider, Vogue Business and more. Christiana has a bachelor's degree in English from Pace University and a master's degree in journalism from New York University. She completed a master's degree in media psychology for fun.


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