EddieJayonCrypto
27 Nov 23
Stay ahead of the curve with the latest news on digital assets. CoinShares reported a significant increase in net inflows for digital asset investment funds, with a total of $346M last week. This surge in inflows is driven by heightened expectations for the approval of a spot bitcoin exchange-traded...
Stay ahead of the curve with the latest news on digital assets. CoinShares reported a significant increase in net inflows for digital asset investment funds, with a total of $346M last week. This surge in inflows is driven by heightened expectations for the approval of a spot bitcoin exchange-traded fund in the U.S.
Bitcoin and Ethereum were the primary beneficiaries of these inflows, with funds tracking bitcoin attracting $312M and Ethereum funds pulling in $34M. This upward momentum indicates a shift in sentiment, as Ethereum's 4-week run of inflows almost corrects its previous outflow trend for the year. Both Bitcoin and Ethereum extended their year-to-date rallies, climbing 5.6% and 7.7%, respectively, before experiencing minor pullbacks in Monday afternoon trading.
With mounting anticipation for a potential spot-based ETF launch in the U.S., this latest surge in inflows marks the largest amount reported in nine consecutive weeks. Short bitcoin funds continue to experience outflows, reflecting ongoing capitulation among short sellers. As the digital asset landscape continues to evolve, staying informed about these market trends is essential for investors.
Disclaimer:This is not financial advice. Please do your own research before investing in any asset.