Over the past week, Bitcoin's popularity has soared to the point that the inflow of this one crypto coin has increased by 98 percent based on the monitoring of CoinShares, a global digital asset investment company.
From the notes released by CoinShares, the surge in the dominance of inflows that occurred in Bitcoin trading occurred after investor confidence in digital asset trading recovered, after the emergence of the Fed's minutes regarding the tightening of interest rate policies.
The emergence of this pressure has made investors start to switch to crypto assets instead of investing in dollar assets, especially during the last few weeks the position of the US dollar in the international market has started to lose ground. This is because a number of countries have considered alternatives to US dollars.
As recently, the BRICS alliance (Brazil, Russia, India, China and South Africa) is again discussing creating a new currency that will be used in international trade, replacing the dominance of the US Dollar.
As a result of the abandonment of the US dollar, crypto trading is now slowly surging, including Bitcoin. Bitcoin inflows this week have reached 56 million dollars out of a total digital asset inflow of 57 million US dollars.
Of this amount, US$27 million came from US investors, while US$17 million came from Germany, then Switzerland and Canada, which accounted for Bitcoin inflows of US$13 million and US$2.2 million respectively.
Bitcoin's dominance this week even beat inflows to other crypto assets such as Uniswap which only recorded inflows of 0.5 million US dollars, Polkadot 0.4 million US dollars and Polygon with inflows of 0.23 million US dollars.
Even though investors are showing positive sentiment towards Bitcoin, the trading volume of BTC this week is still relatively low, because it was only able to reach 970 million US dollars.
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