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Home BREAKING NEWS

Bitcoin and Solana Lead the Way as Digital Asset Investment Funds Mark a Weekly Record Inflow of $326M

BlockNews.com Team by BlockNews.com Team
October 30, 2023
in BREAKING NEWS, CRYPTO, FINANCE
Reading Time: 2 mins read
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  • Digital asset funds saw record $326 million inflows last week, driven by optimism around potential SEC approval of a Bitcoin spot ETF.
  • Bitcoin captured 90% of inflows at $296 million, though its price surge also led to some investor hedging. Other beneficiaries were Solana with $24 million inflows and Ethereum with $6 million outflows.
  • Inflows were global but concentrated outside the US, with Canada, Germany, Switzerland, and Asia all seeing large inflows. Total assets under management hit $378 billion, the highest since May.

The crypto market is heating up again. Digital asset investment funds saw $326 million in net inflows last week, marking the largest single week of inflows since July 2022. This surge in investor interest is driven by optimism around a potential Bitcoin spot ETF approval by the SEC.

🚨 NEWS: Digital asset investment funds marked a record inflow of $326M last week.@CoinSharesCo cites growing confidence in crypto as monthly inflows approach half a billion dollars. pic.twitter.com/5FI3ylhUZE

— BlockNews.com (@blocknewsdotcom) October 30, 2023

Bitcoin Dominates Inflows

Bitcoin captured 90% of total inflows at $296 million. However, its recent price surge also led to $15 million flowing into short-Bitcoin products, reflecting investor hedging strategies. Besides Bitcoin, Solana saw significant inflows of $24 million. Ethereum, on the other hand, experienced $6 million in outflows.

Investor Sentiment Improving in the US and Abroad

The US accounted for only 12% of inflows at $38 million as investors await a spot ETF. But other regions saw larger inflows, with Canada at $134 million, Germany $82 million, and Switzerland $50 million. Asia also saw a $28 million surge. Total assets under management now stand at $378 billion, the highest since May.

Bitcoin Price Rallies on ETF Speculation

The potential for SEC approval of a spot Bitcoin ETF has fueled Bitcoin’s price rally towards $35,000 this month. This renewed interest in crypto trading, with spot exchange volumes exceeding $24 billion on October 26.

The market appears optimistic that a Bitcoin spot ETF could arrive soon. This would be a milestone for the crypto industry and likely attract significant new investment. For now, inflows suggest investors are dipping their toes back into crypto as the market comes back to life.

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BlockNews.com Team

BlockNews.com Team

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