The crypto market has been affected by the geopolitical issues that have arisen lately. While the conflict between Ukraine and Russia still rages, various financial markets are still feeling the heat. Liquidations have been apparent, causing asset values to plummet. However, not all investors are discouraged by the current climate. Inflow volumes show that investors still believe in the crypto market.
Bitcoin and altcoins all the same had a successful week of influx. This follows months of largely negative sentiment leaving investors far from the market. Nonetheless, that hasn’t stopped investment in the space, as institutional investors continue to show they still have faith in cryptocurrencies.
Bitcoin takes the lead
As always, bitcoin is the cryptocurrency with the biggest inflow of the week. The pioneering cryptocurrency remains at the forefront of all investments in the market, proving to be one of the most lucrative digital asset investments of the past couple of years. The asset has continued to see inflows over the past month and a half, and this week has been no different.
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Bitcoin saw its seventh consecutive week of inflows last week. With a total of $95 million poured into the digital asset for the week-long period, this is the largest single weekly inflow for BTC since early December. This comes despite the downtrends that have rocked the asset over the past two weeks, consistently breaking and losing its footing above $40,000.
This is a testament to the confidence investors continue to have in bitcoin. Despite the early December crash, investors have repeatedly shown that their money is still in bitcoin, and with last week’s inflows, there’s no doubt about that.
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Altcoins are also getting some love
There was a total of $127 million in admissions recorded last week. As mentioned earlier, bitcoin brought the majority of this volume with $95 million in inflows in a single week. However, altcoins have not been left behind.
During the same one-week period, Ethereum had also seen its largest one-week inflows in the past three months. The second-largest cryptocurrency by market capitalization has had a rocky three months since December, but things seem to be looking up with last week’s numbers. Ethereum saw $25 million in inflows last week, the largest of any altcoin.
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Multi-asset investment products continue to be investors’ favourites. In the previous week, $8.6 million in inflows were transferred to multi-asset investment products, bringing the total inflows over a one-year period to $104 million. It is also the category with the most inflows since the start of the year, representing 3.6% of assets under management.
Solana, Polkadot, and Binance all recorded $1.7 million, $0.9 million, and $0.4 million in inflows, respectively. With Litecoin, Cardano, and XRP registering $0.4 million, $0.9 million, and $0.4 million respectively. Blockchain stock inflows reached $7.7 million during the same period.
Featured image from CNBC, chart from TradingView.com