Bitcoin continues to shoulder the market, as digital asset inflows saw positive movement for the fourth consecutive week, with $137 million incoming.ย
According to CoinShares, this brings the four-week total to $742 million โ correcting the nine weeksโ worth of outflows before the streak began and marking the largest inflow run since the fourth quarter of 2021.
The continuing positive momentum might be attributed to several factors, including a recent partial victory for the crypto community in the form of a legal decision in the Securities and Exchange Commission v. Ripple lawsuit.
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The XRP (XRP) token soared on news of the ruling, and the market followed suit with a week of activity that received an overall rating of 56 on the โFear and Greed Indexโ for cryptocurrency โ an indication of โgreed,โ or increased positive sentiment. This week, however, the index saw a return to a โneutralโ rating, as of July 17, despite four weeks of positive inflows into crypto investment products.
Bitcoin (BTC) carried the lionโs share of all fund traffic, with 99% of all inflows and a weekly total of $140 million. Some of those gains were countered by outflows in other cryptocurrencies, including another $2 million for Ether (ETH) โ it remains the asset with the highest total outflows year-to-date.
While Bitcoin has extended its market dominance, its overall market capitalization has budged slightly week-over-week, reflecting subdued price action for the largest cryptocurrency. As of July 17, Bitcoinโs market dominance rate isย down nearly a percent at 50.18%, according to TradingView.
Following a few late updates to prior weekly data, inflows for the last 4 weeks now total US$742m, representing the largest run of inflows since the final quarter of 2021.
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โ CoinShares (@CoinSharesCo) July 17, 2023
Geographically speaking, the song remains the same. The United States and Canada hosted the vast majority of digital asset activity, with $109 million in inflows for the former and $28 million for the latter.
Most other regions experienced outflows. The exception was Switzerland, which beat the European market with $3.3 million in inflows, bringing its monthly total to $12.2 million.
