Ethereum

Cryptocurrency

Bitcoin ETF

Bitcoin

Source: Adobe / Luisa 
Cryptocurrency products recorded a massive $346 million in weekly inflows, marking the highest figure in the past nine weeks of consecutive gains.&nbsp; 
A CoinShares <a href="https://a.storyblok.com/f/155294/x/95bb6acaca/coinshares-digital-asset-fund-flows-27-11-23.pdf">Digital Asset Fund Flows Weekly Report</a> shows a growing bullish sentiment in the market after positive signs from institutional investors as they continue to acquire exposure to cryptocurrency products for nine consecutive weeks.&nbsp; 
The total inflow recorded last week totaled $346 million as anticipation of a <a href="https://cryptonews.com/news/binance-plea-deal-boosts-approval-odds-for-bitcoin-spot-etf.htm">spot Bitcoin ETF approval</a> spurs a new cycle in the market. According to analysts at CoinShares, the amount of gains recorded in nine weeks has become the highest since the 2021 bull run. 
<h2 id="bitcoin-and-ethereum-record-massive-surge">Bitcoin and Ethereum record massive surge&nbsp;</h2> 
 Market leader Bitcoin notched inflows of $312 million last week raking up the yearly total to $1.5 billion while short Bitcoin saw the third week of outflows with $0.9 million. Assets under management (AUM) has soared to its highest point in 18 months after it moved past $4.3 billion. 
With rising prices and increasing decentralized finance (DeFi) activity, investors and crypto users are staking more coupled with acquisitions of more products through asset management increasing the sector’s AUM. 
Ethereum has turned the tide on the altcoin front posting $34.8 million in inflows last week raising the positive run to four consecutive weeks after multiple weeks of outflows despite the launch of&nbsp; ETH ETFs. Ether now trades above the $2,000 mark although several commentators say the asset continues to trade below par as many asset managers rank it a favorite cryptocurrency. 
Solana (SOL) which has been an institutional investor favorite for the major parts of the year notched inflows but was behind Ethereum as total flows to its products stood at $3.5 million. Other altcoins including Polkadot (DOT) and Chainlink (LINK) posted slight gains of $0.8 million and $0.6 million.&nbsp; 
On the geographical front, Canada and Germany led the pack with 87% of the total inflows. While Canada recorded $199 million, Germany posted $101.5 million followed by the United States and Switzerland with $30.2 million and $14.6 million respectively. 
<h2 id="etf-hype-drives-upturn">ETF hype drives upturn&nbsp;</h2> 
 The bull run saw most virtual assets including Bitcoin, Ethereum, and Dogecoin hit all-time highs before a subsequent fall in 2022 due to weakened investor confidence caused by the <a href="https://cryptonews.com/news/crypto-prices-crash-as-ftx-crypto-exchange-collapses-what-we-know-so-far.htm">collapse of Terra and FTX</a> alongside wider economic factors like the Feds tackling inflation, etc.&nbsp; 
This year the market has moved into the green zone with BTC posting over <a href="https://www.marketwatch.com/investing/cryptocurrency/btcusd">128% increase year-to-date (YTD)</a> while ETH is up 74% in the same period. The rise in the prices of assets was sparked by the application of BlackRock for a spot Bitcoin ETF. 
Afterward, several firms made similar applications to the Securities and Exchange Commission (SEC) swinging wider institutional sentiment toward cryptocurrencies. Although the SEC has rejected previous spot Bitcoin ETF applications citing possible market manipulations, experts have projected that approval is imminent with recent developments. 
 Grayscale Updates Bitcoin ETF Prospectus After Discussing with SEC<a href="https://twitter.com/Grayscale?ref_src=twsrc%5Etfw">@Grayscale</a> continues efforts to secure regulatory approval for a Bitcoin ETF.<a href="https://twitter.com/hashtag/CryptoNews?src=hash&amp;ref_src=twsrc%5Etfw">#CryptoNews</a> <a href="https://twitter.com/hashtag/news?src=hash&amp;ref_src=twsrc%5Etfw">#news</a><a href="https://t.co/D0NoamoX0F">https://t.co/D0NoamoX0F</a> 
— Cryptonews.com (@cryptonews) <a href="https://twitter.com/cryptonews/status/1727701319043993954?ref_src=twsrc%5Etfw">November 23, 2023</a>

Digital Asset Funds Record $346 Million Inflows as Assets Under Management Surge Past $45.3 Billion

Table of Contents

Cryptonews.com

Other articles published on Nov 27, 2023

Why is the Luna Classic (LUNC) price up today?

Coinbase CEO spots opportunity post CZ’s Binance exit

Bitcoin’s Future Price Increase is Expected with the Potential Approval of Bitcoin Spot ETF, Acco...

Bottom Picker Cathie Wood Continues Bitcoin Sales!

Everlodge rising, could outperform Shiba Inu and Solana

Magic Eden releases cross-chain NFT and crypto wallet

Join our free newsletter for daily crypto updates!