New CoinShares data shows that inflows hit the highest weekly level since July 2022, driven by spot bitcoin ETF optimism.
Digital asset product inflows hit a 15-month high.
Photo by Nathan Dumlao on Unsplash
Posted October 30, 2023 at 4:11 pm EST.
Inflows into digital asset investment products hit $326 million last week, the highest performance since July 2022, according to new CoinShares data.
The European alternative assets manager reported that ninety percent of the inflows, about $296 million, were in bitcoin (BTC).
CoinShares attributed the spike in crypto inflows to market optimism that the U.S. Securities and Exchange Commission (SEC) will approve a spot bitcoin exchange-traded fund (ETF), which would offer investors exposure to BTC without directly owning the world’s largest digital asset.
“Digital asset investment products saw inflows of US$326m, the largest single week of inflows since July 2022, in what we believe was rising optimism from investors that the US Securities and Exchange Commission is poised to approve a spot-based Bitcoin ETF in the US,” CoinShares wrote.
Earlier this month, BTC surged over the $30,000 mark on a false rumor that a spot bitcoin ap;lication was approved, Bitcoin has now settled in higher at $34,460.
Solana (SOL), the native token of the eponymous platform for decentralized applications, had another strong week with $24 million in inflows. The altcoin has had $67 million in inflows over the past month and $98 million year-to-date.
The rally didn’t extend to ether (ETH), which saw $6 million in outflows. Multi-asset products were also down $5.2 million during the period.
