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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Takes The Lead As Crypto Funds See Third Straight Week Of Inflows

Samuel Edyme
Samuel Edyme
1 year ago
4 mins read
Bitcoin price

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Despite an array of uncertainties that have dotted the crypto horizon, recent data from Coinshares reveals a continuous faith in the sector, especially the foremost crypto giant, Bitcoin.

Digital asset investment products have seen a steady and positive trend, recording net inflows for three weeks. Amid these inflows, Bitcoin emerges as the most dominant, presenting a robust case for its standing in the market.

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Bitcoin Steers The Inflow Wave

According to the latest report by CoinShares, Bitcoin-centric products experienced inflows amounting to $16 million just in the past week. This surge has swelled the year-to-date inflows, positioning them at $260 million. CoinShares’ data also shed light on inflows into Short-Bitcoin funds, which amounted to $1.7 million.

However, the report reveals that the recent data might not reflect the aftermath of the SEC’s decision not to appeal against the Grayscale legal challenge. James Butterfill, the Head of Research at CoinShares, noted:

It is worth noting that our data, which is as of Friday’s close, was unlikely to capture the positive news out of the US regarding the SEC not appealing the Grayscale legal challenge, potentially paving the way for a spot-based ETF in the US.

While Bitcoin held its ground, other cryptocurrencies also showcased noteworthy movements. Solana’s investment products added roughly $3.7 million, building upon the $24 million from the previous week.

XRP maintained momentum, recording its 25th week of positive inflows with an additional $420,000. Butterfill highlighted the continuous support from the “investment community” for XRP, especially in light of the recent “successful legal challenges” against the US Securities and Exchange Commission (SEC).

However, it wasn’t all sunshine and roses. Ethereum funds witnessed a setback, with outflows of $7.4 million. This seemed to neutralize most inflows after the launch of six Ethereum futures exchange-traded funds (ETFs) the previous week.

Butterfill pointed towards potential “protocol design concerns” as a plausible reason. Other digital assets such as Litecoin, Chainlink, and Tezos also witnessed minor outflows of $280,000, $310,000, and $250,000, respectively.

Crypto market weekly fund flows.
Crypto market weekly fund flows. | Source: CoinShares

Global Inflow Dynamics

Regarding the global distribution of these inflows, Germany stood out, accounting for the bulk of the week’s inflows with $16.1 million. The US and Canada followed suit, with inflows of $2.1 million and $3.5 million respectively.

Interestingly, Sweden was the only European nation to witness an outflow of $7.5 million. Butterfill states that despite this positive net inflow trend, “trading volumes remain 27% below the 2023 average.”

Regardless, Bitcoin, which led the pack in last week’s inflow, experienced a dramatic shift in recent hours. Specifically, the asset witnessed a swift surge above $30,000, propelled by an unsubstantiated rumor by Cointelegraph about the US Securities and Exchange Commission (SEC) approving a spot BTC ETF. The regulator debunked the rumors. 

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Bitcoin Path To $70,000? Analyst Shows What This ‘Head And Shoulders’ Pattern Reveals

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However, the crypto quickly retraced its steps once the rumor was debunked, particularly by a FOX Business reporter.

🚨BlackRock has just confirmed to me that this is false. Their application is still under review. https://t.co/XIfIWZ0Ule

— Eleanor Terrett (@EleanorTerrett) October 16, 2023

At the time of writing, Bitcoin is trading at $28,049, still exhibiting bullish behavior with a 4.3% increase in the last 24 hours.

Bitcoin (BTC) price chart on TradingView
Bitcoin (BTC) price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

Featured image from Unsplash, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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