NewsletterBitcoin, Solana, XRP Record Massive Buying By Institutional Investors
While traders remain skeptical of crypto investments amid uncertainty, institutional investors are steadily buying top cryptocurrencies including Bitcoin (BTC), Solana (SOL), and XRP. Digital asset investment products record inflows for the 3rd consecutive week, sparking positive sentiment in the crypto market.
Crypto Funds Saw Third Week Of Inflows
Digital asset investment products saw inflows of $15 million, consecutively for the third week, reported CoinShares on October 16. However, trading volumes remain 27% below the 2023 average.
Bitcoin witnessed $16 million inflows, with $260 million inflows year-to-date. Short Bitcoin also saw inflows of $1.7 last week.
Despite a bad week for altcoins, Solana and XRP continue to see inflows. Tezos, Litecoin, and Chainlink recorded $0.25 million, $0.28 million, and $0.31 million, respectively. XRP saw the 25th consecutive week of inflows amid Ripple’s victory against the U.S. SEC.
Meanwhile, Ethereum recorded massive selling despite the launch of a futures-based ETH ETF. It saw outflows of $7.5 million last week. This came as the Ethereum Foundation, Vitalik Buterin, and whales offloaded Ethereum.
CoinShares Digital Securities and Purpose Investments saw major gains, with investments by investors in Germany, the U.S., and Canada.
CoinGapeMedia earlier reported that digital asset investment products experienced inflows totaling $78 million in the first week of October.
Read More: Bitcoin (BTC) Whales Go on Accumulation Spree, Is A Surge Incoming?
Bitcoin Saw Inflows As SEC’s Not Appealing Grayscale Ruling
The U.S. SEC decided to not appeal against the Grayscale ruling to covert GBTC to spot Bitcoin ETF. The court is now considering an order making the SEC reconsider Grayscale spot Bitcoin ETF filing.
Meanwhile, Bloomberg ETF analysts have raised the odds of approval of a spot Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC) to 90%.
BTC price currently trades at $27678, up almost 3% in the past 24 hours amid massive inflow in the broader crypto market.
Also Read:
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- Binance CEO Celebrates 25th Quarterly 2.1 Million BNB Burn, Price Recovers
- Defense Says Sam Bankman-Fried May Not Testify Without ADHD Medication
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