The inflow of funds to Bitcoin-based funds from October 2 to October 8 amounted to $225 million. In total, products based on digital assets account for $226 million. CoinShares report contained such data.
Bitcoin (BTC) products dominated inflows for the third week in a row, with a 227% week-over-week increase. A week earlier, these values were $69 million and $90 million, respectively.
Positive dynamics have been observed for the eighth week in a row. During this time, the total amount of investments amounted to $638 million.
The total amount of funds
The total amount of funds in products based on digital assets reached $67 billion, which is 5% lower than the historical maximum.
“We believe that the change in sentiment towards Bitcoin is due to constructive statements by the U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler regarding the potential of launching a Bitcoin ETF. Our survey also showed the growing participation of institutional investors in this asset class,” the analysts commented.
Ethereum-based funds recorded a capital outflow of $14 million. The share of such instruments decreased to 24% from a peak of 28%.
For other altcoins, the week turned out to be multidirectional. Products based on Ripple, Polkadot, Litecoin recorded outflows, Cardano and Solana-based inflows of $3 million and $12.5 million, respectively ($1.1 million and $0.7 million in the previous week).
Recall that the driver of Bitcoin’s movement to new local highs is the expectation of a positive decision on the Bitcoin ETF. Earlier, Bloomberg experts predicted SEC approval of the instrument by the end of October.
Previously, JPMorgan analysts cited the interest of institutions, the growing popularity of the Lightning Network micropayments, as well as the assurances of the US authorities about the lack of intentions to ban cryptocurrencies as the reasons for the digital gold rally.