Originally published on: October 28, 2024
In a remarkable surge, digital asset inflows reached an impressive $901 million in the week ending October 25, driven mainly by a substantial increase in Bitcoin transactions. This surge propelled the year-to-date total to an astonishing $27 billion.
According to the latest CoinShares report on weekly flows, Bitcoin attracted a substantial $920 million during this period, with market analysts attributing this trend to the approaching elections in the United States. The report mentioned that the US emerged as the top contributor with $906 million in inflows, while Germany and Switzerland also recorded notable gains of $14.7 million and $9.2 million, respectively. Conversely, Canada, Brazil, and Hong Kong saw slight outflows totaling $10.1 million, $3.6 million, and $2.7 million, respectively.
CoinShares also reported minor outflows of $1.3 million from short Bitcoin positions in the past week. Among issuers, the iShares Bitcoin Trust ETF by BlackRock continues to lead the pack with total assets under management exceeding $28 billion. Collectively, Bitcoin ETF issuers are currently managing assets worth a substantial $78.9 billion.
The month of October has been particularly impressive, accounting for 12% of total assets under management, making it the fourth largest month of capital inflows on record. Total inflows in 2024 have already reached an impressive $27 billion, nearly tripling the previous record of $10.5 billion set in 2021.
Despite the positive sentiment in the market, blockchain equities enjoyed their third consecutive week of positive flows, closing at a volume of $12.2 million on October 25. Solana funds saw the second largest inflows at $10.8 million. However, Ethereum-based funds experienced the largest outflows among digital assets, with a total withdrawal of $35 million.
This surge in digital asset inflows signifies a promising trend for investors and enthusiasts in the cryptocurrency space, with substantial growth and lucrative opportunities on the horizon. Stay tuned for more insights and updates on the dynamic world of blockchain and crypto by subscribing to our Crypto Biz newsletter. Gain valuable knowledge and stay ahead of the curve with our weekly snapshot of key business trends in the industry.
