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Home»ALTCOIN NEWS»Spot ETF expectations led to $346 million of digital asset inflows.
ALTCOIN NEWS

Spot ETF expectations led to $346 million of digital asset inflows.

By Crypto FlexsNovember 28, 20232 Mins Read
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Spot ETF expectations led to 6 million of digital asset inflows.
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Posted on: November 28, 2023

  • Over the past two months, there has been a steady flow of funds into cryptocurrency-based investment products.
  • Ethereum’s month-long inflows have nearly dwarfed all outflows recorded so far this year.

Digital asset investment products recorded an inflow of $346 million last week. This represents the largest single weekly inflow in nine consecutive weeks ever recorded, digital asset investment firm CoinShares said in a new report. report.

According to the report, the surge in fund inflows last week was due to expectations for the launch of a U.S. spot-based ETF.

CoinShares found that last week’s $346 million represented the largest weekly inflow since the bull market experienced during the 2021 market cycle.

Source: CoinShares

During the week under consideration, many cryptocurrency assets recorded price gains. Bitcoin (BTC), for example, rose nearly 5% in value between November 18th and 24th.

Due to the combined impact of rising asset prices and cryptocurrency inflows, total assets under management (AuM) hit a record high of $45.3 billion last week. The investment firm noted that this was the highest level in the last 18 months.

At a regional level, most of last week’s cryptocurrency inflows came from Canada and Germany, with $199 million and $102 million respectively. There was “low participation” in the United States, which could be due to investors waiting for the ETF launch, CoinShares said.

Annual Bitcoin inflows exceed $1.5 billion.

During the week under review, investment products backed by the leading cryptocurrency BTC recorded inflows of $312 million. This represents 90% of the total influx in the state.

These significant inflows into BTC-backed products pushed the coin’s year-to-date (YTD) past $1.5 billion and month-to-date (MTD) tethering inflows close to $1 billion.

During the week considered, BTC’s AUM totaled $32.3 billion, accounting for 75% of the overall market total AUM of $45 billion.

Bitcoin short products have recorded outflows for three consecutive weeks. This resulted in a significant decrease in AuM. The report added:

“Week 3 saw total outflows of $900,000 as short sellers continued to succumb, with AuM down 61% since its April 2023 peak.”

Ethereum is in the lead, followed by other altcoins.

Last week’s $34 million inflows signaled a “decisive sentiment shift” and marked the fourth consecutive week of inflows for Ethereum (ETH).

Related to other altcoins:

“Solana, Polkadot, and Chainlink recorded total inflows of $3.5 million, $800,000, and $600,000, respectively.”

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