The Block • April 11, 2023, 11:06AM EDT 
Quick Take
- Bitcoin’s share of the total crypto market capitalization reached 45%.
- Digital asset investment products saw inflows totaling $57 million last week, bringing flows back to a net inflow position year-to-date.
Stay updated on Pro Crypto Ecosystems news by locking ACS tokens with The Block.
Connect/Create Wallet You can unlock at any time.* No wallet? No problem. You can set one up for free. We recommend Torus for first-time users.*a 2% locking fee will be added at the time of locking. Learn more about Access Protocol 
Bitcoin’s massive price surge this year has put the premier cryptocurrency in a position it’s not seen in almost two years.
The cryptocurrency’s dominance, which refers to the market capitalization of bitcoin relative to the total market capitalization of all crypto assets, reached 45%. That’s the highest level since May 2021.
The ratio has climbed from 38% at the beginning of January as the price of bitcoin itself has skyrocketed 82%, according to Binance data via TradingView.
The increase is unusual as dominance typically ticks higher when other crypto prices decrease. The countercyclical move comes amid regulatory uncertainty and banking stress in the U.S. and Europe. The collapse of several U.S. banks in March led to the de-pegging of Circle’s USDC stablecoin.
Bitcoin fund flows
Digital asset investment products saw inflows totaling $57 million last week, bringing flows back to a net inflow position year-to-date, according to CoinShares. Bitcoin represented 98% of those inflows. Volumes were low, hitting at $970 million for the week.
The Shapella upgrade is set for this week on the Ethereum network, though inflows were relatively minor at $600,000.
