Alisa Davidson
Published: October 28, 2024 at 6:51 am Updated: October 28, 2024 at 6:52 am
Edited and fact-checked:
October 28, 2024 at 6:51 am
In Brief
CoinShares noted that total inflows for the year have reached $27 billion, nearly tripling the previous record of $10.5 billion set in 2021.
European alternative asset manager specializing in digital assets, CoinShares, published its latest report, indicating that digital asset investment products experienced inflows of $901 million this month, accounting for 12% of the total assets under management, making it the fourth-largest month for inflows on record. Overall, total inflows for the year have surpassed $27 billion, nearly tripling the previous record of $10.5 billion set in 2021.
The United States led the way with inflows of $906 million, while other regions showed varied results. Germany and Switzerland witnessed inflows of $14.7 million and $9.2 million, respectively, but Canada, Brazil, and Hong Kong saw modest outflows of $10.1 million, $3.6 million, and $2.7 million, respectively.
Bitcoin was the primary focus, generating inflows of $920 million. Interestingly, this surge was not mirrored by inflows into short-Bitcoin positions, which experienced minor outflows of $1.3 million. CoinShares suggests that current Bitcoin prices and inflows are heavily impacted by US political dynamics, particularly the recent rise in poll numbers for the Republican Party.
In contrast, Ethereum faced the largest outflows of any asset last week, totaling $35 million, while Solana registered the second-largest inflows at $10.8 million.
Furthermore, blockchain equities are showing signs of recovery, with inflows for the third consecutive week amounting to $12.2 million last week.
Bitcoin And Ethereum Record Price Gains Amid ETF Market Activity
As of the writing time, Bitcoin is priced at $68,541, indicating an increase of 2.22% in the past 24 hours. During this period, the cryptocurrency’s trading range varied between $66,968 and $68,546. Interestingly, Bitcoin started the week positively, coinciding with considerable inflows into spot Bitcoin exchange-traded funds (ETFs).
In contrast, Ethereum has experienced a price increase of 2.60% over the last 24 hours, now trading at $2,534. The intraday trading range for Ethereum was recorded between $2,462 and $2,537, according to CoinMarketCap. However, it is noteworthy that the coin’s recent upward movement appears, despite outflows from spot Ethereum ETFs observed over the past week.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
More articles
Alisa Davidson
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
More articles
