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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.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
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BlockNews.com Team

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