Hold onto your hats, folks, because Bitcoin just made a splash with a whopping $1.6 billion pouring in last week alone! This skyrocketed its total for the year to a dazzling $4.4 billion, grabbing a jaw-dropping 92% of the entire digital asset inflow pie. Talk about being the life of the crypto party!
The digital asset scene was buzzing with a total of $1.9 billion in fresh inflows last week, pushing the year's tally to a cool $4.8 billion. It's like the crypto world got a caffeine jolt, possibly thanks to some high-profile chatter about making Bitcoin a reserve asset.
And while Bitcoin's price seemed to be in a nap, trading volumes were wide awake, hitting a hefty $25 billion and making up a solid 37% of activity on trusted exchanges.
In a twist straight out of a political thriller, US President Donald Trump signed a new executive order last week. This order is all about forming a Presidential working group to create a regulatory framework for digital assets, shining a spotlight on stablecoins. Leading this charge is none other than AI & Crypto Czar David Sacks, alongside bigwigs like the Treasury Secretary and SEC Chairman. They're teaming up with industry experts to steer these digital waters.
But wait, there's more! The order paused any federal moves toward central bank digital currencies (CBDCs) and threw out some old crypto rules from the previous administration. Plus, Trump made headlines by pardoning Ross Ulbricht, the notorious Silk Road marketplace founder. However, details on a national Bitcoin stockpile were as elusive as ever, with nary a mention of Bitcoin itself in the order. Yet, the inflows kept coming like an unstoppable torrent.
According to a fresh-off-the-press CoinShares report, Bitcoin was the star of the show with its $1.6 billion inflow, raising its year-to-date tally to a magnificent $4.4 billion. It was the belle of the ball, accounting for a staggering 92% of all digital asset sector inflows. Even Short-Bitcoin ETFs decided to join the fun, bringing in $5.1 million after BTC hit its recent all-time highs. Ethereum made a comeback with $205 million in inflows, while XRP pocketed $18.5 million.
Multi-asset products didn't miss out, drawing in $17 million, with smaller assets like Solana, Chainlink, and Polkadot riding the wave with $6.9 million, $6.6 million, and $2.6 million respectively. Litecoin added a modest $0.9 million to the mix.
Surprisingly, not a single digital asset investment product saw outflows last week, except for Cardano, which experienced a teeny tiny $0.1 million dip.
Regionally, the US was on fire with $1.7 billion in inflows, thanks to the buzz around the executive order boosting spirits all around. Switzerland, Canada, and Germany were hot on its heels, recording $35 million, $31 million, and $23.1 million, respectively.
Following closely were Hong Kong, Brazil, and Australia, with inflows of $14.1 million, $12 million, and $6.9 million, respectively. Meanwhile, Sweden danced to its own tune, registering $5.7 million in outflows.
It's a wild ride in the crypto world, and Bitcoin is leading the charge!
