Crypto Inflows Surge to $78 Million in a Week
Last week, crypto assets experienced a significant increase in inflows, attracting $78 million compared to the previous week’s $21 million. CoinShares reported that digital asset investment products saw inflows of $78 million, while trading volumes for exchange-traded products (ETPs) rose by 37% to $1.13 billion during the week.
Crypto Inflows on the Rise Despite Lacklustre Ethereum ETF Launch
According to a report by CoinShares, crypto inflows experienced their most significant surge since July over the seven-day period from September 30th to October 6th. However, the launch of Ethereum futures-based exchange-traded funds (ETFs) last week did not have the expected market impact, with only under $10 million attracted in the first week.
“The Ethereum futures ETF launches in the US attracted just under US$10m in the first week, highlighting a tepid appetite.”
The correlation between higher crypto inflows and Bitcoin ETF applications is evident. When BlackRock filed its Bitcoin ETF, it drove crypto inflows to reach $199 million over a seven-day period earlier this year.
Solana saw a significant surge in inflows, reaching its highest levels since March 2022. It recorded weekly inflows of $24 million, solidifying its position as the preferred altcoin. At present, Solana’s price is $22.15.
Crypto Market Welcomes Inflows Following Multiple Outflows
CoinShares reported net positive inflows in the crypto market for the first time in six weeks, totaling $21 million. In the previous week, there were outflows amounting to $9 million. European investors contributed $16 million in inflows, while US investors withdrew $14 million during this week.
Hot Take: Crypto Inflows Surge Amidst Lacklustre Ethereum ETF Launch
The crypto market experienced a significant increase in inflows last week, with a surge of $78 million compared to the prior week. Despite the lackluster performance of Ethereum futures-based exchange-traded funds (ETFs), which attracted less than $10 million in the first week, crypto assets continue to gain momentum. Bitcoin ETF applications have played a role in driving higher inflows throughout the year. Additionally, Solana has seen a rapid surge in inflows, solidifying its position as the preferred altcoin. With net positive inflows and renewed investor interest, the crypto market is poised for further growth.
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