Crypto Investment Products See Record $2.2 Billion Inflows—Is The Bull Run Here?
2024年10月22日 - 10:30AM
NEWSBTC
The latest weekly digital asset fund flow report from CoinShares
has revealed that last week, crypto asset investment products saw
roughly $2.2 billion in net inflows globally, marking the largest
inflow since July. This rise in inflows comes amid the gradual
recovery of top crypto assets last week, with the majority now
reclaiming major highs and registering nearly double-digit gains
over the past 7 days. Related Reading: Can Bitcoin Price Reach A
New All-Time High? This Golden Cross Suggests So Who Led the
Charge? Bitcoin-based products were the standout beneficiaries of
last week’s inflows. US spot Bitcoin exchange-traded funds (ETFs)
added $2.1 billion, with BlackRock’s IBIT ETF alone generating over
$1.1 billion. The cumulative inflows for these Bitcoin ETFs, which
began trading in January, now stand at $21 billion. These funds
have grown to manage a record $66 billion in assets under
management, highlighting their significant role in the market.
Notably, the renewed confidence in Bitcoin products mirrors earlier
this year’s positive sentiment. Last week’s inflows were the
largest since March, when US spot Bitcoin ETFs saw $2.6 billion as
Bitcoin reached its all-time high above the $73,000 price mark.
This strong demand suggests that investors remain bullish on
Bitcoin’s long-term prospects, despite recent market fluctuations.
While Bitcoin stole the spotlight, other cryptocurrencies also
experienced inflows last week although way lesser than that of BTC.
Ethereum-based products attracted $58 million in net inflows, while
Solana, Litecoin, and XRP-based funds saw smaller inflows of $2.4
million, $1.7 million, and $700,000, respectively. However,
multi-asset investment products did not fare well, experiencing net
outflows of $5.3 million, ending a 17-week streak of consecutive
inflows. What Prompted The Surge In Crypto Inflow? According to
CoinShares, this surge in inflows is tied to growing optimism about
the upcoming US elections, with a potential Republican victory
driving investor sentiment. Many believe that a Republican
administration would favor the digital asset market more favorably,
leading to an increase in investor confidence and positive price
momentum. James Butterfill, Head of Research at CoinShares,
particularly noted: We believe this renewed optimism stems from
growing expectations of a Republican victory in the upcoming US
elections, as they are generally viewed as more supportive of
digital assets. Notably, Butterfill, reiterated these views, adding
that trading volume for these investment products surged by 30%
last week. Total assets under management (AUM) for crypto funds are
now nearing the $100 billion mark on a global scale, highlighting
the substantial interest in digital assets. Related Reading: HODL
Fever: Bitcoin Holders Refuse To Sell As Data Shows Record BTC
Stash However, while US-based funds thrived, investment products in
other countries such as Canada, Sweden, and Switzerland experienced
net outflows, indicating a more polarized global market. Featured
image created with DALL-E, Chart from TradingView
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