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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
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