Crypto market record inflows for 7th consecutive week, shows signs of recovery
Cryptocurrency funds have surpassed $90 million inflows in the week leading up to October 1, marking the 7th consecutive week to record weekly inflows.
Out of this, Bitcoin led the market after recording $69 million in inflows, according to CoinShares report. Bitcoin recorded its third straight week of inflows, reversing the past few months’ trends when outflows were noticeable.
The report pointed out improved sentiment amongst investors as the reason behind the latest growth. It said:
“We believe this decisive turnaround in sentiment is due to growing confidence in the asset class amongst investors and more accommodative statements from the US Securities Exchange Commission and the Federal Reserve.”
Other currencies reporting inflows were Ethereum, which recorded $20 million despite its recording reduction in market share from 28% to 25%. Cardano and Solana recorded minor inflows totaling US$1.1 million and US$0.7 million respectively, as per the report.
On the other hand, Binance’s BNB, Polkadot (DOT), and Tezos (XTZ) funds each had a small outflow of $ 800,000.
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OhNoCryptocurrency via https://www.ohnocrypto.com/ @Gauri Bhatia, @Khareem Sudlow