Crypto fund inflows fall from last week’s peak as ETF hype declines
Cryptocurrency market on the 3rd saw Bitcoin prices remaining at $63,000 levels. The king crypto was trading around $63,145 at the time of writing, up by 2.20% from yesterday.
Ethereum and Solana, on the other hand, have each set record highs today. Ethereum rose above $4,500 Tuesday night and reached its ATH of $4,635 on Wednesday. At press time, the largest altcoin was trading at $4,564.51 (November 3, 6:55 AM UTC).
BTC prices have stopped rising after hitting record highs ever since the hype around Bitcoin Futures ETF subsided. It resulted in large inflows transferring from Bitcoin to Altcoins, leading to its market share falling from 47.7% on October 20, to 43.6%.
As per the recent CoinShares report, cryptocurrency funds saw a total inflow of $288 million in the week leading up to October 29. Inflows were significantly lower from the previous week’s $1.47 billion, a large portion of which went to Bitcoin.
“The record-breaking previous week, following the US SEC permitting a Bitcoin futures ETF decision, was not repeated last week with only US$53m of inflows from US- based ETFs,” CoinShares weekly report noted.
This week, too, the majority of the inflows went to Bitcoin at about $269 million. Ethereum, which had been recording lower inflows up until now, recorded $16.6 million in inflows. Other Altcoins reported strong inflows as well, including the Solana (SOL) fund at $15 million, the Cardano (ADA) fund at $5 million, and the Polkadot (DOT) fund at over $6.2 million.
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OhNoCryptocurrency via https://www.ohnocrypto.com/ @Gauri Bhatia, @Khareem Sudlow