Stablecoin

USDC

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Rise

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 <p>For the first time in six weeks, institutions have bought more <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> than the amount <a rel="noopener noreferrer nofollow" title="SOL" href="https://thebittimes.com/tag/sol.html">SOL</a>d. After registering outflows for 1.5 months, <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> asset investment products registered positive flows for the first time last week. CoinShares’ latest weekly report highlighted that the inflows were worth around $21 million. Chalking out the reason for the trend flip, the report highlighted,</p> 
 <p><strong>“We believe the inflows are a reaction to a combination of positive price momentum, fears over U.S. government debt prices and the recent quagmire over government funding.”</strong></p> 
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  <img decoding="async" src="https://cdn.thebittimes.com/images/2023/10/03/57aab3a76dde48aac88836fb15957e35.webp" alt class="wp-image-114658" style="width: 100%;height:674px" width="700" height="674" srcset="https://cdn.thebittimes.com/images/2023/10/03/57aab3a76dde48aac88836fb15957e35.webp 1024w, https://cdn.thebittimes.com/images/2023/10/03/57aab3a76dde48aac88836fb15957e35.webp 300w, https://cdn.thebittimes.com/images/2023/10/03/57aab3a76dde48aac88836fb15957e35.webp 768w, https://cdn.thebittimes.com/images/2023/10/03/57aab3a76dde48aac88836fb15957e35.webp 380w, https://cdn.thebittimes.com/images/2023/10/03/57aab3a76dde48aac88836fb15957e35.webp 550w, https://cdn.thebittimes.com/images/2023/10/03/57aab3a76dde48aac88836fb15957e35.webp 800w, https://cdn.thebittimes.com/images/2023/10/03/57aab3a76dde48aac88836fb15957e35.webp 1160w, https://cdn.thebittimes.com/images/2023/10/03/57aab3a76dde48aac88836fb15957e35.webp 1336w" sizes="(max-width: 700px) 100vw, 700px"> 
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    Source: CoinShares 
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 <p><strong>Also Read: Crypto: After Coinbase, Singapore grants MPI License to Sygnum</strong></p> 
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 <p>Bitcoin and <a rel="noopener noreferrer nofollow" title="Solana" href="https://thebittimes.com/tag/solana.html">Solana</a> were the biggest beneficiaries. Bitcoin inflows summed up to $20 million last week, while <a rel="noopener noreferrer nofollow" title="Solana" href="https://thebittimes.com/tag/solana.html">Solana</a>’s number flashed a value of $5.1 million. The report brought to light,</p> 
 <p><strong>“Solana continues to shine, with inflows of US$5m, marking its 27th week of inflows and just 4 weeks of outflows this year.”</strong></p> 
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 <p>Contrarily, Ethereum registered outflows for its seventh consecutive week, totalling to $1.5 million. This made the $198 billion market-capped asset, “the least loved altcoin,” according to CoinShares. </p> 
 <h3 class="wp-block-heading" id="h-macro-crypto-trend">Macro Crypto Trend</h3> 
 <p>Alongside the positive trend initiated by institutions, it is interesting to note that purchasing power has been creeping back into the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> market. A recent <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> by Sentiment revealed that the holdings of the 10 largest USDT addresses have risen from $7.30 billion to $9.42 billion over the past three months. As far as exchange balances are concerned, Santiment noted, </p> 
 <p>“<strong>The amount of T<a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a>er on exchanges has picked up, increasing from 17.6% to 24.7%, approximately the highest amount of stablecoin buying power in 6 months.</strong>“</p> 
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  <img decoding="async" width="764" height="462" src="https://cdn.thebittimes.com/images/2023/10/03/34fdb68f468b24dfe87d3e2e19f05e79.webp" alt class="wp-image-114657" srcset="https://cdn.thebittimes.com/images/2023/10/03/34fdb68f468b24dfe87d3e2e19f05e79.webp 764w, https://cdn.thebittimes.com/images/2023/10/03/34fdb68f468b24dfe87d3e2e19f05e79.webp 300w, https://cdn.thebittimes.com/images/2023/10/03/34fdb68f468b24dfe87d3e2e19f05e79.webp 380w, https://cdn.thebittimes.com/images/2023/10/03/34fdb68f468b24dfe87d3e2e19f05e79.webp 550w" sizes="(max-width: 764px) 100vw, 764px"> 
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    Source: Feedough 
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 <p><strong>Also Read: Bankman-Fried Faces 115 Years in Prison: Trial to Begin on Oct. 3</strong></p> 
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 <p>September has historically been one of the worst months for Bitcoin. However, in 2023, Bitcoin managed to close the month on a positive note. A recent post by Kaiko revealed that BTC registered one of its “best” September monthly performances since 2021. It wrapped up the month by trading 4.7% higher. </p> 
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    <p lang="en" dir="ltr">Despite surging risk-free rates, #BTC registered one of its best September monthly performances since 2012, closing last month up 4.7%. pic.twitter.com/Aa86YevZM1</p>— Kaiko (@KaikoData) October 3, 2023 
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 <p><strong>Also Read: USDC Stablecoin Issuer Negotiates in Binance SEC Lawsuit</strong></p> 
</div> 
<div class="cs-entry__tags"> 
 <ul> 
  <li>Altcoins</li> 
  <li>bitcoin</li> 
  <li>btc</li> 
  <li>crypto</li> 
  <li>ETH</li> 
  <li>ethereum</li> 
  <li>SOL</li> 
  <li>Solana</li> 
 </ul> 
</div> 
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/crypto-for-the-first-time-in-6-weeks-institutional-buys-rise-tbt64934.html">https://thebittimes.com/crypto-for-the-first-time-in-6-weeks-institutional-buys-rise-tbt64934.html</a></p>

Crypto: For the First Time in 6 Weeks, Institutional Buys Rise

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TheBitTimes

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