Representation of Bitcoin and other cryptocurrencies are seen in this illustration photo. Digital asset investment products have recorded a sixth consecutive week of inflows and bitcoin captured the majority of these inflows, with $229 million pouring into the cryptocurrency. JAKUB PORZYCKI/NUR PHOTO VIA GETTY IMAGES.
Digital asset investment products have recorded a sixth consecutive week of inflows, amassing a total of $767 million.
This recent influx has notably eclipsed the entire inflow of $736 million observed in the previous year.
Such a bullish streak has not been seen since the end of the 2021 bull market and mirrors the robust inflow period of July 2023, according to Coinshares. Bitcoin captured the majority of these inflows, with $229 million pouring into the cryptocurrency.
The current investment fervor aligns with broader discussions on the future of digital assets — a topic that will be extensively explored at the upcoming Zenger News’s Future of Digital Assets conference, scheduled for Nov. 14. The conference is set to bring industry leaders and investors together, providing a fertile ground for discussions that reflect the current positive investment trends.
Additionally, there has been a noted $4.5 million injected into short-Bitcoin products, suggesting a segment of investors speculates the recent rally might not be sustainable.
Ethereum , after facing a tough year with outflows totaling $107 million, has witnessed its largest inflow since August 2022, with $17.5 million.
This resurgence in investor interest in Ethereum could signal a shift in market sentiment as the platform continues to solidify its position in the digital asset space.
Investment is not solely concentrated in the larger cryptocurrencies.
Altcoins also experienced a wave of inflows:
“Crypto payments can move anywhere from 10 cents to $10 million anywhere around the world in a fraction of a second for $0.0005,” said Austin Federa Head of Strategy at Solana Foundation.
“The collapse of FTX and the subsequent prosecution does not prove that crypto is fundamentally bad,” said Federa.
Rather, he emphasized how the downfall of centralized financial institutions such as FTX serves as a testament to the robustness and dependability of decentralized blockchain systems.
The U.S. is leading the regional inflow charts with $157 million, while traditional European financial hubs like Germany and Switzerland, along with Canada, follow suit with inflows of $63 million, $36 million, and $9 million, respectively.
© 2023 Zenger News.com. Zenger News does not provide investment advice. All rights reserved.
Produced in association with Benzinga
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