Crypto sees $66M in institutional inflows amid Bitcoin spike

2023-10-24 13:30

Bitcoin products saw $55.3 million in inflows, short bitcoin products recorded $1.7 million. BTC price rose to highs above $35k amid speculation around a spot Bitcoin ETF. In altcoins, Solana (SOL) saw inflows of $15.5 million but Ethereum saw $7.4 million in outflows.

Crypto products have registered institutional inflows for a fourth consecutive week, with Bitcoin seeing the most inflows amid its recent price spike. Today, the leading digital asset saw its price rise sharply to above $35k, suggesting the trend is likely to continue as sentiment slowly shifts towards a solid bullish outlook.

$66 million in inflows last week

It appears institutional appetite for crypto investment products is hitting new levels as more people pour money into crypto funds. A report by digital asset manager CoinShares shows that cryptocurrencies are on a four-week streak of inflows, with Bitcoin accounting for the largest share of that with 84%.

While Bitcoin products recorded $55.3 million in inflows, short bitcoin products saw $1.7 million. According to James Butterfill, the head of research at CoinShares, it’s a scenario that suggests “short sellers are losing confidence.”

Solana (SOL), which has seen bullish strength since breaking above $20, also recorded significant inflows with $15.5 million. This continues a trajectory that sees inflows into the altcoin account for 47% of the category’s assets under management (AuM) year-to-date. Meanwhile, Ethereum saw $7.4 million in outflows this past week.

“While the most recent inflows are likely linked to excitement over a spot bitcoin ETF launch in the US, they are relatively low in comparison to June announcements, suggesting more caution from investors this time round,” Butterfill wrote in the report.

Nonetheless, speculation over a potential spot Bitcoin ETF triggered BTC’s sharp spike to its 17-month high above $35k early Tuesday. This momentum could take BTC higher and signal a bullish flip that develops into a raging bull market.

The post Crypto sees $66M in institutional inflows amid Bitcoin spike appeared first on CoinJournal.

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