Solana

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Bitcoin ETF

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 Bitcoin products took the largest share of inflows, netting 84% of incoming funds, according to CoinShares’ weekly fund flows report.
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<div class="cointelegraph">
 Crypto investment products have recorded four &nbsp;weeks of inflows, as the market eagerly awaits the possible approval of a spot Bitcoin (BTC) exchange-traded fund (ETF) in the United States.
 Asset management firm CoinShares’ Oct. 23 fund <a rel="noopener noreferrer nofollow" title="flows" href="https://thebittimes.com/tag/flows.html">flows</a> report revealed $179 million was added to digital asset investment <a rel="noopener noreferrer nofollow" title="products" href="https://thebittimes.com/tag/products.html">products</a> in the week ending Oct. 20, which has swelled the space’s assets under management to $33 billion.
 Of the past week’s inflows, $55.3 million or 84% went to Bitcoin investment products which has brought year-to-date Bitcoin product inflows to $315 million, it added.
 <blockquote class="twitter-tweet">
 It seems that the anticipation of a spot #Bitcoin ETF has prompted further inflows for the 4th consecutive week. Here is our analysis with @Jbutterfill. Week 43 inflows: US$66m Inflows are relatively low in comparison to June’s @BlackRock announcements, suggesting more… pic.twitter.com/6AkDGQJVOh— CoinShares (@CoinSharesCo) October 23, 2023
 </blockquote>
 CoinShares Head of Research James Butterfill however noted that the recent week’s in<a rel="noopener noreferrer nofollow" title="flows" href="https://thebittimes.com/tag/flows.html">flows</a> still haven’t reached the levels seen earlier this year when BlackRock first filed for a spot Bitcoin ETF.
 <blockquote>
 “While the most recent inflows are likely linked to excitement over a spot Bitcoin ETF launch in the U.S., they are relatively low in comparison to the initial inflows following BlackRock’s announcement in June.”
 </blockquote>
 Butterfill added thaJune’s four-week inflow run saw $807 million enter the sector and the lower inflows recently “are indicative of investors adopting a more cautious approach this time.”
 <figure><img src="https://cdn.thebittimes.com/images/2023/10/24/3350b84c340eea10edf13244fb803afe.webp">
 <figcaption style="text-align: center;">Flows by asset for the week ending Oct. 20 show Bitcoin and Solana as the most popular. Source: CoinShares
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 </figure>
 Meanwhile, Solana (SOL) <a rel="noopener noreferrer nofollow" title="products" href="https://thebittimes.com/tag/products.html">products</a> caught the second-largest share of in<a rel="noopener noreferrer nofollow" title="flows" href="https://thebittimes.com/tag/flows.html">flows</a> last week and the largest of all altcoins, netting $15.5 million. Ether (ETH) <a rel="noopener noreferrer nofollow" title="products" href="https://thebittimes.com/tag/products.html">products</a> saw out<a rel="noopener noreferrer nofollow" title="flows" href="https://thebittimes.com/tag/flows.html">flows</a> of $7.4 million — the only altcoin to suffer out<a rel="noopener noreferrer nofollow" title="flows" href="https://thebittimes.com/tag/flows.html">flows</a> last week.
 Related: Bitcoin ETF to trigger massive demand from institutions, EY says
 More recently, interest in a spot Bitcoin ETF surged late on Oct. 23 amid “positive signs” that BlackRock’s ETF&nbsp;was a step closer to approval and a U.S. Appellate Court issued a mandate to the Securities and Exchange Commission to review Grayscale’s spot Bitcoin ETF filing.
 The moves sparked a Bitcoin rally which saw it gain 14% over the past 24 hours and briefly hit $34,000 for the first time since May 2022.
 The price jump also saw over $193 million in Bitcoin short liquidations in the past 24 hours, according to CoinGlass data.
 Magazine: Web3 Gamer: Minecraft bans Bitcoin P2E, iPhone 15 &amp; crypto gaming, Formula E
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/crypto-products-see-4th-week-of-inflows-amid-race-for-bitcoin-etfs-coinshares-tbt67493.html">https://thebittimes.com/crypto-products-see-4th-week-of-inflows-amid-race-for-bitcoin-etfs-coinshares-tbt67493.html</a>

Crypto products see 4th week of inflows amid race for Bitcoin ETFs: CoinShares

TheBitTimes

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