Digital Asset Products Notch Third Consecutive Weekly Inflow, Attract Over $15 Million
Cryptocurrency products recorded inflows for the third consecutive week signaling improved sentiment from institutional investors after a shaky start to the year.
A new CoinShares report on Oct 16 tracking weekly flows into cryptocurrency investment products shows a win for the market, an uptick in big money players, and geographic distortions sparked by regulatory concerns.
According to the report, digital asset products notched $15 million in inflows although trading volumes stood at 27% below the yearly average.
Bitcoin (BTC) remained the biggest gainer posting $16 million inflows in the last seven days while short bitcoin pushed to $1.7 million inflows.
In the previous report, BTC saw inflows of $43 million as the market turned green highlighting positive indicators. Despite the drop in weekly volumes the total entry around the market leader has surged to $260 million igniting bullish interest.
Experts suggest further consolidation of recent wins from institutional clients on the back of the decision of the Securities and Exchange Commission (SEC) decision not to appeal the Grayscale ruling which may lead to a potential approval in the coming months.
“It is worth noting that our data, which is as of Friday’s close, was unlikely to capture the positive news out of the US regarding the SEC not appealing the Grayscale legal challenge, potentially paving the way for a spot-based ETF in the US.”
Although some altcoins recorded slight gains, it was a poor week compared to previous standards as more activity was seen around Bitcoin.
Ethereum (ETH) saw outflows of $7.5 million a week after recording gains following the launch of future-based Exchange Traded Funds (ETFs). Experts at CoinShares say that the recent decline could be
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