Last week on May 28, the Bitcoin transaction value in dollar terms touched a one-year high of $25 billion with nearly 367,000 BTC transferred on the blockchain.
By Bhushan Akolkar
Edited by Julia Sakovich
Updated
3 mins read
As per the latest CoinShares report, crypto investment products witnessed the fourth consecutive week of inflows standing at $185 million last week. With this, the total inflows during the month of May stood at $2 billion, while pushing up the total inflows in 2024 to more than $15 billion so far.
Region-wise, the majority of the inflows came from the United States last week at $130 million. In Switzerland, the second-largest weekly inflow of the year reached $36 million, marking a notable surge. Meanwhile, Canada experienced a significant turnaround, with inflows amounting to $25 million, a stark contrast to the net outflow totaling $39 million observed in May.
Bitcoin alone saw inflows at $148 million while the short Bitcoin witnessed another week of outflows at $3.5 million. This suggests that the sentiment among ETF investors continues to stay positive.
In the last two weeks, the world’s second-largest cryptocurrency Ethereum (ETH) has staged a major turnaround. Ethereum witnessed a second week of consecutive inflows with the expectations that the spot Ethereum ETFs shall go live for trading by mid-July 2024.
Before these two weeks of inflows, Ethereum faced ten straight consecutive outflows totaling more than $200 million. This positive development for Ethereum has also translated into $5.8 million worth of inflows in Ethereum Layer-1 competitor Solana (SOL).
While direct investments in digital assets have enjoyed recent success, blockchain equities have faced challenges, with outflows totaling $7.2 million last week and $516 million so far this year, reported CoinShares.
On May 28, the Bitcoin transaction value in Dollar terms touched a one-year high of $25 billion. Based on data from Bitcoin explorer Blockchain.com, approximately 367,000 BTC were transferred on the blockchain on May 28, marking the highest volume of BTC moved since June 13, 2022, when over 519,000 BTC were transacted.
At the time of the transactions, Bitcoin’s price was approximately $26,500, resulting in a total transaction value of nearly $14 billion. However, on May 28, despite a lower volume of Bitcoin moved, the price of BTC was around $69,374, significantly increasing the total value of transactions to approximately $25.5 billion.
Photo: Blockchain.com
On the other hand, crypto market analysts continue to remain bullish on Bitcoin going ahead. Popular trader Peter Brandt stated that BTC price can reach $130,000 by the year’s end.
As per the analysis of the cryptocurrency trader, the asset has the potential to reach between $130,000 and $150,000 by August or September 2025, should it maintain a trajectory similar to previous bullish runs.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
