Digital Assets On The Rise: 4th Consecutive Week Nets $66 Million
24 Oktober 2023 - 10:30AM
NEWSBTC
The digital assets markets experienced a consecutive fourth week of
inflows from institutional investors. CoinShares data
shows that a portion of the momentum observed can be
attributed to an increasing expectation for the authorization of a
spot Bitcoin Exchange-Traded Fund (ETF) in the United States. The
aggregate value of assets under management (AuM) has experienced a
notable surge, reaching $33 billion, denoting a 15% growth rate
since the beginning of September. Nevertheless, investors are
displaying a greater degree of prudence compared to their response
to Blackrock’s announcement in June. Related Reading: The Dogecoin
Advance: A Double-Digit Boost In The Cards? The latest influx of
funds, although possibly associated with the prospective
introduction of a spot bitcoin ETF in the US, is very modest in
comparison to the inflows witnessed in June. Coinshares: Digital
asset investment products saw inflows for the 4th consecutive week
totalling US$66m. Total AuM has now risen to US$33bn. Solana saw a
further US$15.5m inflows last week, bringing year-to-date inflows
to US$74m, making it the most popular altcoin this year so… — Wu
Blockchain (@WuBlockchain) October 23, 2023 Bitcoin Leads Digital
Assets: $315 Million Inflows This Year According to the report, a
significant portion of the inflows seen in the previous week
amounted to $55.3 million, representing 84% of the total. This
influx was specifically directed towards investment products
related to Bitcoin. As a result, the cumulative inflows for Bitcoin
products during the current year have reached a total of $315
million. Solana experienced an additional infusion of $15.5 million
during the previous week, resulting in a cumulative inflow of $74
million for the year. This notable performance positions Solana as
the leading alternative cryptocurrency thus far in the current
year. Source: Coinshares On the other hand, and amidst persisting
concerns, Ethereum faced a challenging week as it observed a
significant outflow of $7.4 million. Notably, Ethereum was the only
altcoin to encounter a decline in its financial performance during
this period. Other altcoins such as Cardano (ADA) and Binance Coin
(BNB) saw small inflows of $0.1 million and $0.2 million,
respectively. James Butterfill, the Head of Research at CoinShares,
pointed out that the inflows observed in the previous week have not
yet achieved the same magnitude as those witnessed earlier this
year when BlackRock initially submitted an application for a
Bitcoin ETF. Bitcoin slightly below the $34K level today. Chart:
TradingView.com Butterfill said: “While the most recent inflows are
likely linked to excitement over a spot Bitcoin ETF launch in the
U.S., they are relatively low in comparison to the initial inflows
following BlackRock’s announcement in June.” Navigating The Digital
Asset Landscape: Trends And Caution Digital assets are becoming
more and more popular, and many people are investing in them.
However, some investors are being careful about these assets, and
we don’t know if they will keep being cautious. We have to wait and
see if the market will change and bring new trends or chances for
investors in the next few weeks. Related Reading: Can Solana
Sustain Its Recent Rally? What Traders Should Know The world of
digital assets is rapidly growing, with more and more people
putting their money into cryptocurrencies and other digital
investments. Despite this, some investors are still being careful
and not rushing into things. We can’t predict whether this cautious
approach will continue or if the market will surprise us with new
trends and opportunities in the weeks ahead. It’s an exciting time
in the world of finance, and we’ll have to keep a close eye on how
things develop. (This site’s content should not be construed as
investment advice. Investing involves risk. When you invest, your
capital is subject to risk). Featured image from Ledger Insights
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