Crypto Weekly Inflows At Highest Since July 2022 As Spot Bitcoin ETF Frenzy Boosts Sentiment

Updated: 31 October 2023

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Crypto investment products recorded their biggest weekly inflows since July 2022 as market sentiment rose on the prospect of spot Bitcoin ETF (exchange-traded fund) approvals.

Digital asset investment products saw inflows of US$326 million last week, said CoinShares in a report.

Breakdown of Crypto Inflows

The largest inflows were from Canada, Germany, and Switzerland, with their totals of $134 million, $82 million and $50 million, respectively, it said

The US accounted for only 12%, or $38 million, of the inflows, with Asia having an inflow of $28 million, it added.

Altcoins Ride The Spot Bitcoin ETF Wave

Bitcoin received the majority of the inflows as investors poured $296 million into BTC. Short-Bitcoin investment products also recorded inflows of $15 million following the cryptocurrency’s 68% increase over the past year.

But alt coins also received a significant volume of inflows, with Solana (SOL) leading the charge. The Layer-2 project amassed $24 million in inflows, with this trend carrying over to many other smaller-capped cryptocurrencies. Ethereum (ETH), on the other hand, recorded another $6 million in outflows during the same period.

There may be more upside ahead with many investors still opting to sit on the sidelines, the report said. Last week’s weekly inflow was ranked the 21st largest on record, suggesting continued restraint among investors, CoinShares said.