Business News Report
October 23, 2023

Investments in Bitcoin, Ethereum and Solana Show Steady Inflow

Investments in Bitcoin, Ethereum and Solana Show Steady Inflow

Digital asset investments have been experiencing a strong and consistent upward trend, with the fourth straight week of inflows marking a total of $66 million.

The assets managed by these investment products, also known as Assets under Management (AuM), now stand at an impressive $33 billion, marking their highest level since mid-August.

One of the key factors contributing to the recent surges is the anticipation surrounding the launch of a spot Bitcoin ETF in the U.S.

However, when set side-by-side with the inflows after Blackrock’s announcement in June – which saw a staggering $807 million pour in over four weeks – the recent numbers seem a tad modest. This discrepancy, despite the optimistic Grayscale vs SEC court ruling, hints at investors’ cautious stance in the present landscape.

Breaking down the inflows, Bitcoin continues to dominate the scene, accounting for 84% of the investments. While there was a momentary spike in the investments into short-bitcoin positions, driven by price hikes, it dialed down towards the end of the week. The final figures for the week revealed a mere $1.7 million in net inflows, suggesting waning confidence among short sellers.

Ethereum and Solana

In contrast to Bitcoin’s success, Ethereum has been the outlier with an outflow of $7.4 million, making it the only altcoin to report negative figures in the past week. On the brighter side, Solana has emerged as a star performer.

The altcoin garnered an additional inflow of $15.5 million last week, pushing its year-to-date figures to $74 million. This means that Solana’s investments now make up 47% of the entire AuM, cementing its position as the most sought-after altcoin for the year thus far.

In summary, while the overall sentiment for digital assets appears positive, investors seem to be treading with caution. The pronounced success of Solana, juxtaposed with Ethereum’s lackluster performance, highlights the dynamic and ever-evolving nature of the crypto investment landscape.

As the sector awaits more developments and clarity on regulations, it’ll be intriguing to see how investment patterns evolve.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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Nik Asti
Nik Asti

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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