Crypto Investment Products See $66 Million Inflows in Fourth Consecutive Week - COINTURK NEWS
reklamı kapat

Crypto Investment Products See $66 Million Inflows in Fourth Consecutive Week

11:23 am (46 days ago)
October 23, 2023

Crypto investment products have seen a total of $66 million inflows in the fourth consecutive week, as expectations of approval from the US Securities and Exchange Commission (SEC) for a spot Bitcoin ETF rise. With this latest influx, the total fund amount in crypto investment products has reached $33 billion.

Inflows Reach $179 Million in the Last 4 Weeks

CoinShares, Europe’s largest digital investment company, reported a total of $66 million inflows in crypto investment products in the fourth consecutive week, bringing the total inflows in the last 4 weeks to $179 million. Following the recent price increase, the total fund amount in crypto investment products has increased by 15% since early September, reaching approximately $33 billion, the highest level since mid-August.

Although the data shows increasing inflows into crypto investment products due to expectations of approval for a spot Bitcoin ETF in the US, the inflows have been relatively low compared to the first inflows of $807 million in the 4 weeks following the announcement of Blackrock’s ETF application in June, after which the company saw a significant drop in inflows.

According to CoinShares, despite the court ruling in favor of the company in the ETF case filed by Grayscale, the low inflows indicate that investors are approaching the market more cautiously this time.

Crypto Investment Product Inflows: Notable Detail on Solana (SOL)

84% of the inflows went to Bitcoin investment products, with a total of $315 million inflows since the beginning of the year. The increase in price at the start of last week had raised the inflows to the short Bitcoin investment product to $23 million, but the inflows to this investment product have significantly dropped, with a net inflow of only $1.7 million for the period until the end of last week. The decrease in inflows to the short Bitcoin investment product indicates that investors believe that the price of BTC will rise rather than fall.

Furthermore, ongoing and increasing concerns about Ethereum (ETH) made it the only altcoin to see outflows last week. There was a total outflow of $7.4 million from the Ethereum investment product. On the other hand, the Solana (SOL) investment product saw an inflow of $15.5 million last week. These inflows have brought the total inflows to the Solana investment product since the beginning of the year to $74 million. The investor interest in the Solana investment product indicates a positive outlook for this popular altcoin.

You can follow our news on Telegram, Facebook, Twitter & CoinMarketCap
Related Posts