Crypto Products See Inflows For Fourth Week As Bitcoin Dominates, Ethereum Struggles

Crypto investment products recorded inflows for a fourth consecutive week with Bitcoin leading the way amid heightened optimism over the approval of spot Bitcoin exchange-traded funds (ETFs).

Inflows last week reached $66 million as assets under management rose 15% from their early September lows to reach $33 billion, the highest since mid-August, said CoinShares’ Digital Asset Fund Flows Weekly Report released on Oct. 23.

The inflows were still lower than in June, when BlackRock announced its spot Bitcoin ETF application, indicating a more cautious approach from investors this time around, CoinShares said.

Flows by Asset

Source: CoinShares

Bitcoin Accounted For 84% Of Inflows

Bitcoin dominated inflows with $55.3 million, or 84% of the total, pushing year-to-date Bitcoin product inflows to $315 million. 

While the beginning of last week saw short-Bitcoin inflows at $23m, positions were pared back substantially, with net inflows by the end of the week at just $1.7m, suggesting short sellers are losing confidence, it said.

Solana (SOL) sucked in $15.5 million but Ethereum saw outflows of $7.4 million, the only altcoin to suffer outflows last week, CoinShares said.

Solana’s inflows brought its year-to-date total to $47 million, making it the most popular altcoin, said head of research James Butterfill. 

Related News

  • Lawyer Jeremy Hogan Says SEC Case Against Ripple, XRP Is Effectively ”Over”
  • Binance UK Chief Joins Executive Exodus From Beleaguered Crypto Exchange
  • Cathie Wood’s Ark Invest Offloads $5.8 Million Coinbase And GBTC Shares Even As Bitcoin Soars

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