In a recent tweet, Bitcoin maximalist Max Keiser made a bold statement, declaring, “Everything goes to zero against Bitcoin.” This tweet came as a response to a tweet by Bitcoin Archive, which highlighted the overwhelming inflows into Bitcoin compared to other cryptocurrencies.
According to CoinShares’ weekly report, Bitcoin accounted for an astounding 99% of the $140 million inflows into cryptocurrency investment products last week. This surge in investment represents the largest rush of capital into the sector since Q4 of 2021, when Bitcoin reached its all-time high of $69,000. Interestingly, Bitcoin seemed to capture the lion’s share of investment interest, absorbing $140 million of the total inflows.
The report stated, “Bitcoin saw inflows totaling $140 million, comprising 99% of all inflows.” It also revealed that short Bitcoin investment products experienced outflows of $3.2 million for the 12th consecutive week.
Since last month, Bitcoin has been trading above $30,000, in part because BlackRock, the largest asset manager in the world, entered the competition to establish a Bitcoin spot exchange-traded fund (ETF) in the United States. This action not only gave credibility to an asset class that is regularly disregarded, but it also gave investors hope that the ETF may be approved by the SEC.
Many investors believe that the probable approval of a Bitcoin ETF will function as a catalyst, bringing a significant flood of capital to the cryptocurrency. The vast majority of investment inflows into Bitcoin continue to support its supremacy in the cryptocurrency industry. It is unclear how the price of BTC will turn out as the sector eagerly awaits regulatory decisions regarding Bitcoin ETFs.
