NewsBTC
2023-10-16 18:00:33

Bitcoin Takes The Lead As Crypto Funds See Third Straight Week Of Inflows

Despite an array of uncertainties that have dotted the crypto horizon, recent data from Coinshares reveals a continuous faith in the sector, especially the foremost crypto giant, Bitcoin. Digital asset investment products have seen a steady and positive trend, recording net inflows for three weeks. Amid these inflows, Bitcoin emerges as the most dominant, presenting a robust case for its standing in the market. Related Reading: Will October Be Bitcoin’s Golden Month Again? A Dive Into A Decade Of Bullish Trends Bitcoin Steers The Inflow Wave According to the latest report by CoinShares, Bitcoin-centric products experienced inflows amounting to $16 million just in the past week. This surge has swelled the year-to-date inflows, positioning them at $260 million. CoinShares’ data also shed light on inflows into Short-Bitcoin funds, which amounted to $1.7 million. However, the report reveals that the recent data might not reflect the aftermath of the SEC’s decision not to appeal against the Grayscale legal challenge. James Butterfill, the Head of Research at CoinShares, noted: It is worth noting that our data, which is as of Friday’s close, was unlikely to capture the positive news out of the US regarding the SEC not appealing the Grayscale legal challenge, potentially paving the way for a spot-based ETF in the US. While Bitcoin held its ground, other cryptocurrencies also showcased noteworthy movements. Solana’s investment products added roughly $3.7 million, building upon the $24 million from the previous week. XRP maintained momentum, recording its 25th week of positive inflows with an additional $420,000. Butterfill highlighted the continuous support from the “investment community” for XRP, especially in light of the recent “successful legal challenges” against the US Securities and Exchange Commission (SEC). However, it wasn’t all sunshine and roses. Ethereum funds witnessed a setback, with outflows of $7.4 million. This seemed to neutralize most inflows after the launch of six Ethereum futures exchange-traded funds (ETFs) the previous week. Butterfill pointed towards potential “protocol design concerns” as a plausible reason. Other digital assets such as Litecoin, Chainlink, and Tezos also witnessed minor outflows of $280,000, $310,000, and $250,000, respectively. Global Inflow Dynamics Regarding the global distribution of these inflows, Germany stood out, accounting for the bulk of the week’s inflows with $16.1 million. The US and Canada followed suit, with inflows of $2.1 million and $3.5 million respectively. Interestingly, Sweden was the only European nation to witness an outflow of $7.5 million. Butterfill states that despite this positive net inflow trend, “trading volumes remain 27% below the 2023 average.” Regardless, Bitcoin, which led the pack in last week’s inflow, experienced a dramatic shift in recent hours. Specifically, the asset witnessed a swift surge above $30,000, propelled by an unsubstantiated rumor by Cointelegraph about the US Securities and Exchange Commission (SEC) approving a spot BTC ETF. The regulator debunked the rumors. Related Reading: Bitcoin Path To $70,000? Analyst Shows What This ‘Head And Shoulders’ Pattern Reveals However, the crypto quickly retraced its steps once the rumor was debunked, particularly by a FOX Business reporter. 🚨BlackRock has just confirmed to me that this is false. Their application is still under review. https://t.co/XIfIWZ0Ule — Eleanor Terrett (@EleanorTerrett) October 16, 2023 At the time of writing, Bitcoin is trading at $28,049, still exhibiting bullish behavior with a 4.3% increase in the last 24 hours. Featured image from Unsplash, Chart from TradingView

Crypto 뉴스 레터 받기
면책 조항 읽기 : 본 웹 사이트, 하이퍼 링크 사이트, 관련 응용 프로그램, 포럼, 블로그, 소셜 미디어 계정 및 기타 플랫폼 (이하 "사이트")에 제공된 모든 콘텐츠는 제 3 자 출처에서 구입 한 일반적인 정보 용입니다. 우리는 정확성과 업데이트 성을 포함하여 우리의 콘텐츠와 관련하여 어떠한 종류의 보증도하지 않습니다. 우리가 제공하는 컨텐츠의 어떤 부분도 금융 조언, 법률 자문 또는 기타 용도에 대한 귀하의 특정 신뢰를위한 다른 형태의 조언을 구성하지 않습니다. 당사 콘텐츠의 사용 또는 의존은 전적으로 귀하의 책임과 재량에 달려 있습니다. 당신은 그들에게 의존하기 전에 우리 자신의 연구를 수행하고, 검토하고, 분석하고, 검증해야합니다. 거래는 큰 손실로 이어질 수있는 매우 위험한 활동이므로 결정을 내리기 전에 재무 고문에게 문의하십시오. 본 사이트의 어떠한 콘텐츠도 모집 또는 제공을 목적으로하지 않습니다.