United

Bitcoin

Spot

Avalanche

In recent months, the United States Securities and Exchange Commission (SEC) has postponed several applications for <a href="https://news.todayq.com/sec-forced-to-reconsider-grayscales-spot-bitcoin-etf-application/" rel="noopener noreferrer nofollow">Spot Bitcoin Exchange-Traded Funds (ETF)</a>. Following these postponements, the recent data has gathered everyone’s attention as digital asset investment products massive inflow.&nbsp; Positive momentum in digital asset investments 
According to the recent report by Coinshare on November 20, 2023,digital asset investment products attracted a substantial total of $176 million in inflows, marking the eighth consecutive week of positive momentum. Year-to-date, these inflows have reached $1.32 billion. Although this trend is encouraging, it falls behind the significant figures seen in 2021 ($10.7 billion) and 2020 ($6.6 billion). Source: Coinshares 
Additionally, Trading volumes in Exchange-Traded Products (ETPs) have been vital, averaging $3 billion per week, double the average for this year at $1.5 billion. Notably, ETPs now account for 11% of total crypto volumes, a substantial increase from the long-term historical average of 3.4%, and well above averages from the 2020/21 bull market.
Regionally, Canada, Germany, and Switzerland led the way with inflows of $98 million, $63 million, and $35 million, respectively. On the other hand, the U.S. witnessed outflows of $19 million from futures-based products. Source: Coinshares Bitcoin dominance and positive sentiment 
However, Bitcoin remains the dominant force, attracting $155 million in inflows. Over the past eight weeks, these inflows represent 3.4% of the total assets under management. Conversely, short positions on Bitcoin experienced outflows of $8.5 million last week. Analysts attribute this positive sentiment to the anticipated approval of a spot-based Bitcoin ETF in the U.S., with potential implications for Bitcoin’s price.
Several altcoins also saw increased interest, with Solana, Ethereum, and Avalanche receiving notable inflows of $13.6 million, $3.3 million, and $1.8 million, respectively. However, Uniswap and Polygon experienced minor outflows of $0.55 million and $0.86 million, respectively.
As the crypto market continues to evolve, these trends suggest growing confidence in digital asset investments, with investors diversifying beyond Bitcoin and exploring opportunities in alternative cryptocurrencies. The imminent approval of a spot-based Bitcoin ETF in the U.S. adds to the positive sentiment, hinting at potential further developments in the crypto space.
© Todayq News

Bitcoin sees $155 mln inflow, BTC ETF effect?

Todayq News

Other articles published on Nov 20, 2023

Spanish Banking Giant Launches Bitcoin and Ethereum Services for Customers!

🚀✨ HODL WEEKLY ROUNDUP: NOV 13 - NOV 19, 2023 ✨🚀

Can Uniswap Price (UNI) Harness Buyers’ Strength & Blast Upward?

FET starts a bull rally, but will it continue?

How JP Morgan Will Boost Crypto Adoption in Avalanche?

Why Crypto Self-Custody Is the Natural Enemy of the Bitcoin ETF

Join our free newsletter for daily crypto updates!