GMBStaff
6 Nov 23
Investors continue to pour money into digital asset investment products, with inflows of $261 million reported last week. The majority of these inflows, nearly 90%, were allocated to bitcoin funds. This surge in investment can be attributed to the increasing likelihood of a spot-based ETF in the US ...
Investors continue to pour money into digital asset investment products, with inflows of $261 million reported last week. The majority of these inflows, nearly 90%, were allocated to bitcoin funds. This surge in investment can be attributed to the increasing likelihood of a spot-based ETF in the US and concerns about the efficacy of US monetary policy due to weaker than expected macro data. This marks the sixth straight week of inflows and the largest since the end of the bull market in December 2021. In addition to bitcoin, other cryptocurrencies also saw significant inflows. Ethereum recorded inflows of $17.5 million, its largest in months. Altcoins like solana, chainlink, polygon, and cardano also experienced inflows ranging from $0.5 million to $11 million. These inflows indicate continued investor interest and confidence in the digital asset market. Overall, the sustained inflows into digital asset investment products reflect growing investor optimism and the potential for further growth in the cryptocurrency market. With the possibility of a spot-based ETF on the horizon and concerns regarding US monetary policy, investors are increasingly turning to cryptocurrencies as a potential investment opportunity. This trend is likely to continue as the market evolves and more investors recognize the potential benefits of digital assets.