As a seasoned researcher with a decade of experience in the crypto market, I can confidently say that the digital asset inflows we’ve seen this month are unprecedented. The $901 million inflow is nothing short of astonishing, and Bitcoin’s dominance is particularly noteworthy.
Last week, digital asset investments totaled a remarkable $901 million, with Bitcoin accounting for the majority of these funds. This month, Bitcoin has been the preferred choice among investors as we approach the US Elections in November. In contrast, Ethereum has experienced outflows, while Solana and Litecoin have garnered attention.
Bitcoin Dominates Crypto Market Inflows
According to a recent report from CoinShares, digital asset investment products experienced a total inflow of $901 million last month, accounting for approximately 12% of their total assets under management. This inflow is the fourth-largest monthly influx ever recorded. Moreover, this year’s inflows have accumulated to a staggering $27 billion, almost tripling the 2021 record of $10.5 billion.
In essence, Bitcoin has been leading the charge, as indicated by a substantial $920 million inflow into BTC investment products. This suggests that large investors are taking advantage of price drops to buy Bitcoin when it dipped to around $65,000 last week. Conversely, short Bitcoin products experienced minor outflows amounting to $1.3 million. Vetle Lunde, the head of research at K33, commented on this trend.
2024 has set a new record for Bitcoin investments! This year’s total net investment in Bitcoin through various vehicles has outpaced the 2020 peak, reaching approximately 377,000 Bitcoins. In comparison, the 2020 record, which was led by Grayscale, stood at around 373,000 Bitcoins.
Last week, investments primarily flowed into spot Bitcoin Exchange-Traded Funds (ETFs), with a total of approximately $998 million being poured in over five days from October 21 to October 25. Interestingly, the BlackRock ETF (IBIT) experienced a substantial influx of $1.15 billion, whereas the ARK 21Shares Bitcoin ETF (ARKB) faced an outflow of around $206 million during this period.
Approaching a significant achievement, Bitcoin ETFs are nearly amassing 1 million Bitcoins, which accounts for approximately 5% of the entire supply. This rapid accumulation is impressive given that it took only ten months for this investment instrument to reach this milestone after its launch.
Spot bitcoin ETFs now about 23,000 away from holding 1,000,000 btc…
Or almost 5% of btc final total supply.
via @apollosats
— Nate Geraci (@NateGeraci) October 28, 2024
Solana and Litecoin Grab Limelight Before US Elections
In the world of altcoins, there’s been a shift in trends with Ethereum (ETH) taking a step back from center stage as traders no longer view it as a ‘Trump-trade’ prior to the U.S. elections. However, despite a generally optimistic market atmosphere, Ethereum saw the most significant withdrawals among all assets last week, amounting to approximately $35 million.
Instead, let me rephrase that for you: Unlike other platforms, Solana saw one of the biggest investments, receiving approximately $10.8 million over the stated timeframe. Some financial experts predict that Solana’s price surge could carry on, potentially reaching $300.
Additionally, there’s been increased market action for Litecoin, a rival of Bitcoin, over the past week. At present, the value of Litecoin hovers near $70, hinting at a possible surge towards $100.
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2024-10-28 15:24