Bitcoin started the new week, in which critical economic data will be announced, with a small increase and rose above $ 68,000 again. As the US elections approach, investors' expectations of an increase increase, CoinShares published its weekly cryptocurrency report and said that there was an inflow of $ 901 million last week.
“Inflows into cryptocurrency investment products reached $901 million this month, while year-to-date inflows reached $27 billion, almost triple the 2021 record.”
Bitcoin (BTC) Had the Most Inflow!
When looking at crypto funds individually, it was seen that the fund inflows were in Bitcoin.
While BTC experienced an inflow of $920 million, Ethereum (ETH) experienced an outflow of $34.7 million.
There was also an outflow of $1.3 million in the Bitcoin Short fund, which was indexed to the fall of BTC.
When we look at other altcoins, Litecoin (LTC) experienced an inflow of $1.8 million and Solana (SOL) experienced an inflow of $10.8 million.
“The focus was almost entirely on Bitcoin, which saw inflows of $920 million.
However, this was not accompanied by inflows into short Bitcoin positions, instead small outflows of $1.3 million were seen.
We believe current Bitcoin prices and flows are heavily influenced by US politics, with the recent surge in inflows likely linked to Republican polling gains.
This positive sentiment did not translate to Ethereum, which saw the largest outflow of all assets last week at $35 million. Solana saw the second largest inflow at $10.8 million.
When looking at regional fund inflows and outflows, it was seen that the USA ranked first with an inflow of 906 million dollars.
Switzerland came in second after the United States with $9.2 million.
Against these inflows, Sweden had an outflow of $12.7 million and Canada had an outflow of $10.1 million.
*This is not investment advice.