Benzinga - Digital Asset Fund Flows marked the fourth consecutive week of inflows at $66 million in digital assets investment products, reported CoinShares, driven by optimism surrounding the possible announcement of spot Bitcoin ETF approval.
Meanwhile, total assets under management rose to the highest since mid-August at $33 billion (+15% from September) amidst rising prices.
Read Next: Bitcoin Just Hit $31,000: What's Going On?
Find out more on how institutional investors are looking at the digital assets space. Meet and engage with other transformative Digital Asset and Crypto business leaders and investors at Benzinga's exclusive event: Future of Digital Assets. Tickets are flying: Get yours!
The levels were still lower compared to June 2023 when BlackRock announced its spot Bitcoin ETF application and took institutional investors' interest to $807 million in four consecutive weeks of inflows.
Paul Brody, global blockchain leader at Ernst & Young, said that while family offices are investing in cryptocurrencies, institutional investors are awaiting regulatory approval to infuse the crypto space with further investments as reported by CoinGape. He added further that fiat currencies may see higher adoption with the rising potential of CBDC and payment stablecoins in the future.
Bitcoin (CRYPTO: BTC) prices broke through the $31,000 mark today and the 24-hour trading volume growth was at 155% while the market cap swelled by 5.3%, based on CoinMarketCap data. BlackRock plans to launch the first spot Bitcoin exchange-traded fund (ETF) in the U.S. market to be listed as iShares Bitcoin Trust by Depository Trust and Clearance Corp. (DTCC). The fund will trade under the symbol, IBTC.
The report highlighted 84% of inflows are in Bitcoin investment products thereby taking inflows year-to-date to $315 million.
While prices peaked at $30,000 last week, inflows into short Bitcoin stood at $23 million. Inflows by the end of the week stood at $1.7 million indicating shaken confidence in short sellers.
With a surge of around 3% in the past 24 hours, Solana (CRYPTO: SOL) had a significant 62% increase in its 24-hour trading volume and a 4% expansion in market cap. The past month had a 53% jump in its price with two weeks gains itself at 34.1%.
Notably, Solana witnessed a $15.5 million inflows taking its year-to-date inflows to $74 million thereby placing it on the highest pedestal of most popular altcoin in 2023.
Read Next: The Solana Price Phenomenon: An Examination
On the other hand, Layer-1 competitor Ethereum emerged as the only altcoin to see outflows of $7.4 million.
Benzinga’s Future of Digital Assets conference in New York on Nov.14. Attend and learn more about rising prices across the crypto board and how investors should look at investment options. The gathering is seen as pivotal for the digital assets community. The event will spotlight the latest trends, innovations and challenges in the digital asset realm.
Photo: Pixabay
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.