According to the latest report from CoinShares, digital asset investment products experienced net inflows of $176 million last week, as investors took advantage of recent price dips to increase their positions.
Ethereum led the way with impressive inflows of $155 million, bringing its year-to-date total to $862 million—the highest since 2021. Bitcoin, meanwhile, saw more modest inflows of $13 million, while short Bitcoin ETPs recorded outflows of $16 million, indicating a shift in investor sentiment towards more optimistic long positions.
According to CoinShares, digital asset investment products saw net inflows of $176 million last week as investors viewed recent price weakness as a buying opportunity. Ethereum saw inflows of $155 million, bringing year-to-date inflows to $862 million, the highest level since…
— Wu Blockchain (@WuBlockchain) August 12, 2024
Bitcoin Spot ETFs Shows Net Outflow Of $169 Million
Despite the broader positive sentiment, Bitcoin spot ETFs faced a net outflow of $169 million during the week of August 5 to August 9. Grayscale’s GBTC saw a significant outflow of $392 million, while BlackRock’s IBIT ETF and WisdomTree’s BTCW ETF managed to attract inflows of $220 million and $129 million, respectively.
This divergence suggests that while some investors are pulling back from traditional Bitcoin products, others are increasingly confident in new offerings from major financial institutions like BlackRock.
Last week (August 5 to August 9), Bitcoin spot ETFs had a net outflow of $169 million. Grayscale ETF GBTC had a weekly outflow of $392 million, BlackRock ETF IBIT had a weekly inflow of $220 million, and WisdomTree ETF BTCW had a weekly inflow of $129 million.…
— Wu Blockchain (@WuBlockchain) August 12, 2024
In another development, the Bitcoin network hashrate hit a fresh record high today, reaching 627 exahashes per second (EH/s). This marks a strong recovery from a recent 8.5% drawdown, signaling that the network’s security and computational power are stronger than ever. However, despite this increase in hashrate, Miner Reserves have dropped to their lowest levels on record.
#Bitcoin network hashrate has hit a fresh record-high.
Network hashrate is at 627 EH/s, recovering from a 8.5% drawdown.
Dashboard 👇 pic.twitter.com/nHUGEuuapp
— Julio Moreno (@jjcmoreno) August 12, 2024
The total number of Bitcoin held by miners is now lower than it was when Bitcoin reached its all-time high in the first quarter of 2021, suggesting that miners may be offloading their holdings as prices fluctuate.
Miner Reserve is at the lowest data, showing the total #Bitcoin number now is less than when BTC got ATH in Q1, 2021. 🧐 pic.twitter.com/XajUeMNcJ2
— binhdangg (@binhdangg1) August 12, 2024
These mixed signals—from rising inflows in digital asset products to record-high hashrates—paint a complex picture of the current crypto market, where optimism about future gains coexists with caution among key players like miners and ETF investors.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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