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Institutional Investors Pour Millions into BTC, SOL
Digital asset investment products experienced a fourth consecutive week of inflows, totaling around $66 million, bringing the total Assets under Management (AuM) to $33 billion. The inflows were primarily driven by excitement surrounding the potential launch of a spot Bitcoin ETF in the US, amounting to $65.6 million. This is lower than the surge seen in June following BlackRock’s announcement, suggesting a more prudent approach despite the Grayscale vs. SEC court ruling. Ethereum faces concerns leading to outflows of $7.4 million.
Solana’s performance in 2023 is strong, with 84% of total inflows going into Bitcoin investment products, bringing year-to-date inflows to $315 million. Short-bitcoin inflows reached $23 million, but net inflows dwindled to $1.7 million by the end of the week, indicating a decline in confidence in bearish positions. Bitcoin’s weekly inflow was $55.3 million, and month-to-date inflows totaled $111.9 million. Switzerland topped the list with a net inflow of $45.5 million, while the US reported an outflow of $8.7 million last week.
(With inputs from Shikha Singh)
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