According to a new report, BTC the world’s largest cryptocurrency by market capitalization, remains the most popular digital currency for investors. According to a January 25 report by digital asset investing firm CoinShares, Bitcoin inflows accounted for 97 percent of total crypto inflows in 2021 so far.
Bitcoin accounts for 83 percent of managed digital asset investment products, while BTC investment products address for only 6.5 percent of total Bitcoin trading turnover. Daily BTC trading volumes have increased massively so far this year in the middle of a significant cryptocurrency bull run in January, rising from an average of $2.2 billion in 2020 to $12.3 billion this year.
As cointelegrph.com reported, after a duration of minor outflows, Crypto investment commodity inflows reached a high of $1.3 billion over the past week, CoinShares stated. “We believe investors have been very price conscious this year due to the speed at which prices in Bitcoin achieved new highs,” the firm added.
According to CoinShares’ data, Ether the second largest cryptocurrency by market cap, saw inflows of $34 million over the past week. Since early December, there have been “little inflows” as investors have been cautious, the study noted.
In 2021, both Bitcoin and Ether surpassed their latest all-time highs. On January 8, Bitcoin broke its historical high of $42,000, preceded on January 19 by Ether’s $1,430 ATH. Both cryptocurrencies were subject to a major price correction, with Bitcoin plunging below $30,000 and Ether falling to about $1,000 on Jan. 21.