According to an Oct. 30 report from Coinshares, the leading European alternative asset manager, digital asset investment products saw inflows of US $326 million.
According to an Oct. 30 report from Coinshares, the leading European alternative asset manager, digital asset investment products saw inflows of US $326 million.
Bitcoin made up 90 percent of these inflows at $296 million.
Ongoing investor caution
The report goes on to highlight that month-to-date inflows for Bitcoin are now approaching half a billion dollars, in what is a positive trend in response to the SEC being close to approving a spot-based Bitcoin ETF in the country.
Despite this being the largest inflow since July, the asset manager highlights it is actually only the 21st largest on record, indicating some investor caution, though the possibility of a spot-based ETF in the near future could mark a significant regulatory shift for the industry.
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Breaking it down by region, 12 percent of the flows, or $38 million, came from the US, while the largest inflows came from Canada, Germany and Switzerland at $134 million, $82 million and $50 million, respectively.
While many altcoins saw inflows in response to Bitcoin optimism, it is worth noting that Ethereum saw the opposite response, instead reporting $6 million in outflows.
A wave of revised applications
Positive inflows come at the same time VanEck shares the news of its amended Bitcoin ETF application to the SEC, joining Bitwise Asset Management, ARK Invest and 21Shares, all of whom have now made refinements.
At the time of writing, market participants remain hopefully for a resolution, which is expected in the coming weeks.