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

Updated: 24 October 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Join Our Telegram channel to stay up to date on breaking news coverage

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.

It seems that the anticipation of a spot #Bitcoin ETF has prompted further inflows for the 4th consecutive week. Here is our analysis with @Jbutterfill.

🟢 Week 43 inflows: US$66m

🔎 Inflows are relatively low in comparison to June’s @BlackRock announcements, suggesting more… pic.twitter.com/6AkDGQJVOh

— CoinShares (@CoinSharesCo) October 23, 2023

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.

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.

BREAKING: 🇺🇸 US Court of Appeals orders SEC to review Grayscale's spot #Bitcoin ETF application. pic.twitter.com/RiyHU8Mpcp

— Bitcoin Archive (@BTC_Archive) October 23, 2023