Last week, there was a massive surge in investments totaling $646 million in digital asset investment products, making it the highest inflow this year. The majority of these investments were driven by investors with a strong interest in Bitcoin.
In the first quarter of 2024, cryptocurrency investment vehicles amassed approximately $13.8 billion according to CoinShares’ data. This significant increase occurred simultaneously with growing interest in Bitcoin (BTC) among Wall Street investors, who bought the token through spot Bitcoin ETFs. The resulting inflows primarily contributed to this surge in investment product funding.
Last week, Bitcoin saw approximately $663 million worth of investments flowing in. However, pessimistic investors withdrew around $9.5 million from the cryptocurrency, making it the third consecutive week with outflows from those betting against Bitcoin’s price rise.
In the past week, Ethereum (ETH) experienced outflows totaling $22.5 million for the fourth consecutive week. On the other hand, coins such as Litecoin and Solana (SOL) attracted investor attention and brought in a minimum of $4 million each.
In the past, the largest amount of inflows, totaling $10.7 billion, occurred in the year 2021. This was followed by $6.6 billion in the previous year, 2020. The current data for this year reveals a significant shift from the $2.3 billion that were invested last year.
Bitcoin’s halving to trigger web3 job increase
Today, the price of Bitcoin (BTC) surpassed $71,900 – just a fortnight before its scheduled halving – following a 3% rise due to an overall market surge. The value of Bitcoin is now just 2% below its all-time high ($73,750) reached last month.
Some people in the financial world and supporters of blockchain technology debated how the Bitcoin halving would affect the price of the asset and the entire crypto market. However, Ignacio Palomera, the CEO of Bondex, believed that these events would also influence job opportunities in the web3 sector.
According to a report by Crypto.news, the demand for cryptocurrency jobs reached an eleven-month peak due to optimistic market conditions and renewed investment from venture capitalists in decentralized finance projects.
The approaching Bitcoin halving signifies a pivotal point not only for the cryptocurrency sector but also for the tech industry as a whole. With heightened anticipation comes an increased requirement for blockchain experts, as businesses aim to leverage the burgeoning capabilities of this technology. This demand will stimulate discussions on decentralized finance (DeFi), the web3 ecosystem, and the evolving financial landscape. Consequently, a fresh influx of users is likely to join the crypto community.
Ignacio Palomera, Bondex CEO
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2024-04-08 20:00