Breaking: Bitcoin and Ethereum Set Record With $2.45 Billion Inflow
Highlights
- A recent report reveals that record weekly inflows of $2.45 billion were made into Bitcoin and Ethereum products.
- The United States led the region with 99% of the inflows, or $2.4 billion.
- The hype around Bitcoin ETFs has caused more and more institutional investors to jump on the crypto bandwagon.
Bitcoin and Ethereum-based fund inflows saw a new record break last week. CoinShares‘ most recent Digital Asset Fund Flows Weekly Report reveals that record weekly inflows of $2.45 billion were made into Bitcoin and Ethereum products. A recent upsurge in investor sentiments has boosted the capital influx in major cryptocurrency-related assets. Additionally, investors are now wondering whether this spike in inflows will fuel an impressive rally in Bitcoin and Ethereum prices.
Bitcoin and Ethereum See Skyrocketing Inflows
The weekly inflows into digital asset investment products were $2.45 billion, making it stand at an all-time high level. Additionally, the year-to-date inflows for crypto-based products stand at an astounding $5.2 billion. These inflows have caused the total assets under management (AUM) to reach $67 billion, the highest level since December 2021, along with recent positive price movements.
The CoinShares report further highlights that over 99% of the inflows went into Bitcoin, although other investors used the chance to increase their short positions in the cryptocurrency, which witnessed inflows of $5.8 million. The $21 million inflows have benefited Ethereum as well. However, there have been withdrawals of $1.6 million due to the recent disruption caused by Solana. Among the companies that have consistently had weekly inflows this year, Avalanche, Chainlink, and Polygon saw inflows of $1 million, $0.9 million, and $0.9 million, respectively.
United States Leads Investment Numbers
The United States led the region with 99% of the inflows, or $2.4 billion. This indicates a notable acceleration in net inflows, dispersed among numerous providers. It also suggests that spot-based ETFs are becoming more and more popular. At the same time, incumbent players’ withdrawals have sharply declined. While Sweden had outflows of $2 million, other regions, like Germany and Switzerland, saw moderate inflows of $13 million and $1 million, respectively.
Will BTC and Ethereum Rally in the Future?
The hype around Bitcoin ETFs has caused more and more institutional investors to jump on the crypto bandwagon. At present the future looks bright for a lot of cryptocurrencies right now, with Bitcoin leading the pack. Numerous organizations have been speculating that the OG-crypto’s pricing may increase in the future. This includes the prediction from Bitwise that the price of Bitcoin will rise above $80,000 in 2024. Institutional investment in Bitcoin will remain the primary emphasis, at least until the first half of 2024, according to Coinbase. Today’s weekly inflow report further cements the idea that Bitcoin might its all-time high bullish level in the upcoming months of 2024.
On the other hand, the prediction for Ethereum also stands on the positive spectrum of investor outlook. Ethereum is regarded as a pioneer when it comes to smart contracts. Given the revelation of Vitalik’s Ethereum 2024 plan and the upcoming Cancun update, many institutions expect substantial advancements in Ethereum Layer 2, especially in 2024. Amid the growth in the use and application of Ethereum, prices for the latter are also predicted to see an upward trend in the future.
- Michael Saylor Says “No New Orange Dots” Pausing Bitcoin Buys as Holdings Hit Record $79B
- Experts Turn Bullish on Pudgy Penguins as PENGU Leads Meme Coin Buys on Solana
- ASTER to Launch Phase 2 Airdrop on October 10 as Open Interest Tops $5B in Two Weeks
- El Salvador’s Bitcoin Holdings Hit $475M Profit as BTC Becomes World’s 7th Largest Asset
- Breaking: Bitcoin Hits New ATH Above $125k as ‘Uptober’ Kicks Off in Full Force
- Dogecoin Price Rebounds 15% From Buy Zone as Whales Add 30M DOGE – Can Bulls Push Beyond $0.30?
- FLOKI Price Prediction as ETP Listing Drives Adoption—Is a 160% Rally Ahead?
- BNB Coin Price Hits ATH as Derivatives Activity Soars—Is $1,520 the Next Stop?
- Aster Price Eyes $3 After Channel Breakout as Open Interest Surges to $1.37B
- Will XRP Price Hit $5 if the SEC Approves ETFs This Month?
- Bitcoin Price Hits $120K Ahead of Q4 — Can Citigroup’s Forecast Hold Up?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
