Spot Bitcoin ETF Buzz Triggers Largest Weekly Crypto Inflows at $346 Million ⋆ ZyCrypto
The post Spot Bitcoin ETF Buzz Triggers Largest Weekly Crypto Inflows at $346 Million ⋆ ZyCrypto appeared on BitcoinEthereumNews.com.
Advertisement     A wave of investor interest has surged through digital asset investment products, propelling a record-breaking influx of $346 million. This surge stands as the most substantial weekly inflow since the latter part of 2021 and finds its genesis in anticipation of the impending launch of a spot Bitcoin Exchange-Traded Fund (ETF) in the United States. According to the latest data from Coinshares Digital Asset Fund Flows Weekly Report, Bitcoin led the way in this positive movement, attracting an impressive $312 million inflows over the last week. Notably, this considerable influx catapulted Bitcoin’s year-to-date total to a formidable $1.5 billion, underscoring a fervent rekindling of investor faith in the pioneering digital asset. Short-Selling Decline Fuels $45.3B Crypto AUM A noticeable decline in short-selling activity across the cryptocurrency landscape proves that general market sentiment experienced a noteworthy shift. This pivot signifies a palpable shift in investor confidence, with the decreased short-selling juxtaposed against the substantial surge in Bitcoin inflows. Ethereum, the second-largest cryptocurrency by market capitalization, has concurrently embraced a resurgence of interest among investors. After registering an inflow of $34 million the preceding week, Ethereum nearly nullified its year-long outflows, marking a significant pivot in investor sentiment towards the altcoin. Over a concise span of four weeks, Ethereum accumulated a commendable $103 million in inflows, affirming its regained traction and investor confidence. Bitcoin ETF Speculation Sparks Investor Optimism The ongoing momentum encapsulates a remarkable nine-week streak of inflows, indicative of a prevailing optimism pervading the market. Much of this buoyancy stems from the fervent anticipation encircling the impending launch of a Bitcoin spot ETF in the U.S., a development poised to reshape the landscape of cryptocurrency investment products significantly. Advertisement    Simultaneously, the total assets under management (AUM) for digital asset products surged to an impressive $45.3 billion,…
Filed under: News - @ November 29, 2023 7:26 pm