Ethereum

Bitcoin

Grayscale Bitcoin Trust

Inflows in cryptocurrency investment products from October 7 to October 13 reached $15.2 million, compared to $78.4 million a week earlier.&nbsp;
According to <a href="https://blog.coinshares.com/volume-153-digital-asset-fund-flows-weekly-report-8685f6901538" target="_blank" rel="noopener noreferrer nofollow">CoinShares</a> analysts,&nbsp;the amount was 27% below the 2023 average. Experts explained that the data provided does not include positive news for digital gold regarding the SEC’s refusal to appeal the court’s decision in the case of converting the Grayscale Bitcoin Trust into an ETF. Such developments have increased the chances of the product launch, according to market observers.
Bitcoin (<a href="https://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) funds recorded an inflow of $16.4 million compared to $42.7 million in the previous reporting period. Investors invested $1.7 million in products that allow opening shorts on the first cryptocurrency (a week ago it was $1.2 million).
<figure class="wp-block-image size-large">
 <img loading="lazy" width="1024" height="943" src="https://crypto.news/app/uploads/2023/10/Screenshot-2023-10-16-at-16.52.10-1024x943.png" alt="Inflow into crypto funds continues for third consecutive week - 17">
 <figcaption>
 Source: <a href="https://blog.coinshares.com/volume-153-digital-asset-fund-flows-weekly-report-8685f6901538" target="_blank" rel="noopener noreferrer nofollow">CoinShares</a>
 </figcaption>
</figure>
Meanwhile, investors withdrew $7.4 million from Ethereum (<a href="https://crypto.news/price/ethereum/" rel="noopener noreferrer nofollow">ETH</a>) funds. The previous week, against the backdrop of the start of trading in Ethereum-ETF futures, there was an influx of $10.2 million. Experts admitted that the change in dynamics is due to “a reflection of current problems with the development of the protocol.”
Solana-based products raised $3.7 million after the highest since March 2022 of $24 million in the previous reporting period. Inflows to XRP funds continued for the 25th week in a row ($0.42 million).
From products based on Tezos, Litecoin, and Chainlink, investors withdrew $0.25 million, $0.28 million, and $0.31 million, respectively.
A week earlier, the crypto market <a href="https://blog.coinshares.com/volume-152-digital-asset-fund-flows-weekly-report-2dc8d161b9d4" target="_blank" rel="noopener noreferrer nofollow">attracted</a> $78 million, which was the highest since July 2023. Most of the investment was in Bitcoin. At that time, crypto market participants invested a total of $78 million. This was the highest result since July of this year.
You might also like: <a href="https://crypto.news/crypto-operator-coinshares-launches-u-s-hedge-fund-division/" rel="noopener noreferrer nofollow"> Crypto operator CoinShares launches U.S. hedge fund division </a>

Inflow into crypto funds continues for third consecutive week

crypto.news

Other articles published on Oct 16, 2023

Join our free newsletter for daily crypto updates!