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.
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.
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