Digital Assets On The Rise: 4th Consecutive Week Nets $66 Million

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

Name	Symbol	Market	Market Cap ($)	Algorithm
Binance Coin	BNBUSD	Crypto	92,662,796,983	Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	7.03	1.21%	588.09	587.96	588.57

High Price	Low Price	Open Price	Prev. Close	52 Week Range
589.07	577.96	581.06	581.06	210.00 - 720.47

Exchange	Last Trade	Size	Trade Price	Currency
TIDE	13:04:54	0.038000	588.09	USD

Price x Volume	Volume	Base Symbol	Related Pairs
7,879,011.19	13,394.12	BNB	BNBEUR	BNBGBP	BNBBTC

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

BNBUSD Binance Coin