Digital Asset Funds Record $261 Million in Inflows, Marking Gains for the Sixth Consecutive Week
The cryptocurrency market continues to pull strings of outsized inflows in recent weeks as investors set sights on a spot Bitcoin (BTC) Exchange Traded Fund (ETF).
According to a new CoinShares Market Flow report, the total market products recorded gains of $261 million, its sixth consecutive week of inflows as more investors go bullish on the market.
The total uphill climb in six weeks now totals $767 million, its highest this year moving past the growth of July and is now the highest string of inflows since the decline of the bull run in December 2021.
Last year, a total of $736 million was pulled in, a figure recorded as very low coming off a bull run in 2021 but was largely due to huge market collapses and wider macroeconomic factors.
Last week Bitcoin remained the dominant asset notching $229 million while short-bitcoin also toed the same path as $4.5 million tricked in. The huge gains of BTC in recent weeks boil down to a perceived closeness of a spot BTC ETF approval by the Securities and Exchange Commission (SEC).
While the financial regulator has consistently rejected several applications in previous years, recent developments including court victories show a potential approval could be on the horizon, analysts suggest.
Bitcoin inflows now stand at $842 million “likely buoyed by the increasing likeliness of a spot-based ETF in the US and weaker than expected macro data, bringing into question the efficacy of US monetary policy,” CoinShares wrote.”
On the altcoin front, several positives were recorded including gains from Ethereum (ETH), Chainlink (LINK), and Solana (SOL) among others.
Solana continued its excellent run of inflows gaining $11 million while Chainlink pulled gains of $2 million. This year, Solana has
Read more on cryptonews.com
