Crypto investment products experienced a consecutive fourth week of inflows as the market is optimistic about the approval of spot Bitcoin Exchange-Traded Fund (ETF) in the United States. Asset management firm CoinShares’ October 23 fund flows report indicated that a total of $66 million poured into crypto asset investment products during the week ending Oct. 20.
The total assets under management (AuM) for fund managers like Grayscale, Bitwise, CoinShares, 21Shares, and ProShares reached $33 billion, a 15% increase since September. Over the past four weeks, total inflows have risen to $179 million, a positive change for this year.
In the latest week’s inflows, Bitcoin took the lead with a whopping $55.3 million or about 83.7%. According to the data, this has increased the year-to-date inflow of Bitcoin products to $315 million.
🟢 Week 43 inflows: US$66m
— CoinShares (@CoinSharesCo) October 23, 2023
However, CoinShares’ Head of Research, James Butterfill, pointed out that the recent week’s inflows have not yet matched the levels observed earlier this year when BlackRock initially filed for a spot Bitcoin ETF.
“While the most recent inflows are likely linked to excitement over a spot Bitcoin ETF launch in the U.S., they are relatively low in comparison to the initial inflows following BlackRock’s announcement in June.”
He added that four-week inflows in June were $807 million, and the relatively low recent inflows indicate that investors are taking a more cautious approach in the current environment.
Solana Leads Altcoin Inflows
Although 84% of last week’s inflows went to Bitcoin investment products, Solana secured the most substantial portion of the altcoin inflow. Last week, Solana experienced a $15.5 million influx, increasing its year-to-date total inflow to $74 million. According to the report, that makes it the most favored altcoin of the year.
On the other hand, Ethereum experienced outflows of $7.4 million the previous week, leading to a decrease in total assets under management to $6.7 billion. Coinshares noted that ongoing concerns about Ethereum sparked additional outflows, making it the only altcoin to experience such a trend last week.
Other altcoins, such as Binance Coin (BNB) and Cardano (ADA), saw small inflows of $0.2 million and $0.1 million, respectively.