Bitcoin products recorded $3.8 million of inflows following Grayscale’s win against the SEC.
Outflows have significantly slowed down, with bitcoin products showing resilience amidst a flatlined market trend. According to the latest edition of CoinShares’ Digital Asset Fund Flows Weekly Report,’ there is a glimmer of hope that negative sentiment may be starting to shift, as highlighted by the firm’s Head of Research, James Butterfill.
Butterfill observed that this year has been marked by significant fluctuations in investor flows, primarily influenced by the expectations and apprehensions surrounding digital asset regulation. The previous week serves as an illustration of this, as investors began with high hopes for a spot ETF approval in the US following Grayscale’s victory, only to be disappointed by the announcement of a delay for all other spot ETF applications.
Bitcoin recorded weekly inflows of $3.8 million, while short BTC saw outflows for its 19th consecutive week totaling $3.3 million, with total assets under management down by 48% from this year’s peak. Altcoins witnessed significant outflows. Polygon and Ethereum were most hit by the outflows, registering $8.6 million and $3.2 million, respectively. Solana has emerged as the “most loved” altcoin amongst investors, maintaining inflows for the ninth consecutive week, with a total accumulation of $0.7 million. This streak has enabled the token to capture year-to-date inflows amounting to $26 million.than the year-to-date average, reaching a total of $2.
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