As a seasoned researcher with years of experience in the cryptocurrency market, I find the latest surge in digital asset inflows incredibly intriguing. The $901 million inflow in a single week, propelled by Bitcoin transactions and influenced by political events in the United States, is a testament to the growing maturity and mainstream adoption of this digital economy.
In the week ending October 25th, digital asset inflows significantly increased, amounting to approximately $901 million. This rise was primarily driven by an upsurge in Bitcoin transactions, contributing to a year-to-date total of around $27 billion.
As per the latest findings from the CoinShares weekly report, there was an inflow of approximately $920 million into Bitcoin (BTC) during this timeframe. This surge may be linked to the forthcoming U.S. elections, according to the report’s analysis.
“We believe that current Bitcoin prices and flows are heavily influenced by US politics, with the recent surge in inflows likely linked to the Republicans’ poll gains.”
The mentioned country topped the list with a significant investment inflow of $906 million, whereas Germany and Switzerland saw modest increases of $14.7 million and $9.2 million each. Conversely, Canada, Brazil, and Hong Kong experienced minor outflows amounting to $10.1 million, $3.6 million, and $2.7 million respectively.
CoinShares reports that short-Bitcoin positions posted minor outflows of $1.3 million during the past week.
In the ETF market, BlackRock’s iShares Bitcoin Trust remains number one, managing over $28 billion in assets. In total, all Bitcoin ETF providers are currently managing approximately $78.9 billion.
October’s bullish turn for digital assets
2024 witnessed October contributing about 12% to the overall assets under management, making it the fourth-highest month for capital inflows in history. The total capital influx in 2024 amounted to a staggering $27 billion – almost thrice the previous record of $10.5 billion set in 2021.
As reported by CoinShares, there’s been a continued optimistic outlook towards blockchain stocks as they recorded their third consecutive week of inflows, ending on October 25 with a total volume of $12.2 million. Among these, Solana (SOL) funds experienced the second-highest influx with approximately $10.8 million.
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2024-10-28 22:09