Digital asset investment products have reached a record inflow for the year after receiving $646 million from investors mainly interested in Bitcoin last week.
According to CoinShares, cryptocurrency investment vehicles have garnered over $13.8 billion in 2024’s first four months. The milestone coincided with interest in Bitcoin (BTC), as the token experienced demand from Wall Street investors via spot BTC ETFs and was the primary driver behind inflows into investment products.
Bitcoin received inflows of over $663 million last week. Still, short-BTC investment rails stifled the asset’s overall weekly haul with $9.5 million in outflows, marking a third week of exits by bearish market participants.
Ethereum (ETH) also continued a fourth week of outflows, amounting to $22.5 million. Other altcoins like Litecoin and Solana (SOL) saw investor demand and amassed at least $4 million in capital.
2021 previously held the record for largest inflows at $10.7 billion, followed by $6.6 billion in 2020. Year-to-date numbers also showed a massive turnaround from last year’s sentiment, which only attracted $2.3 billion.
Bitcoin’s halving to trigger web3 job increase
BTC traded for over $71,900 today, less than two weeks before its halving, as Bitcoin gained 3% after a market-wide uptick. Crypto’s largest token traded only 2% away from its $73,750 ATH achieved last month.
While several market observers and blockchain proponents discussed the impact of the BTC halving on the asset’s price and the broader cryptocurrency ecosystem, Bondex CEO Ignacio Palomera surmised that the events will also impact web3 jobs.
Crypto.news reported that the cryptocurrency job market hit a 12-month high following bullish market sentiment and a return of venture capitalist interest in defi protocols.
The upcoming Bitcoin halving is a watershed moment, not just for the cryptocurrency market, but for the entire tech landscape. We expect a surge in demand for blockchain talent as companies seek to capitalize on the growing potential of this technology. This will fuel conversations around DeFi, Web3, and the future of finance, attracting a new wave of users to the crypto space.
Ignacio Palomera, Bondex CEO