Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
According to the most recent Digital Asset Fund Flows Weekly Report from European digital asset management company CoinShares, cryptocurrency assets saw inflows for the first time in six weeks during the period from September 22 to 28.
Bitcoin (BTC) emerged as the top performer, attracting inflows totaling $20.4 million for the week.
Good week, everyone. Here are the latest #FundFlows and observations by CoinShares Head of Research @JButterfill.
This week inflows: US$21m (after 6 weeks of outflows)
We believe these inflows are a reaction to a combination of positive price momentum, fears over US… pic.twitter.com/0VHHBh1n50— CoinShares (@CoinSharesCo) October 2, 2023
Solana’s SOL (SOL) ranked second, with inflows of $5 million, making it the only other asset to record inflows. According to CoinShares, this marks its 27th week of inflows, with only four weeks of outflows in 2023, establishing it as “the most loved altcoin this year.”
Conversely, Ether (ETH) faced outflows amounting to $1.5 million. This represents its seventh consecutive week of outflows and, as per CoinShares, reinforces its position as “the least loved altcoin.”
Related Posts
Related: CoinShares states US is not lagging in crypto adoption and regulation
Other altcoins, including XRP (XRP) — which had more inflows than Solana in the previous week — experienced negative and minimal flows.
CoinShares analysts linked the stagnation in altcoin activity alongside Bitcoin’s trend-reversing momentum to several factors:
“We believe the inflows are a reaction to a combination of positive price momentum, fears over US government debt prices and the recent quagmire over government funding.”
The quagmire mentioned by CoinShares pertains to the ongoing discussions regarding U.S. government funding. Earlier in the previous week’s cycle, concerns about a stalemate in funding legislation led to predictions of a potential government shutdown on October 2. However, a last-minute initiative by Senate leaders facilitated the passage of a stopgap measure that secures funding until November 17. It remains uncertain whether Congress and the president will reach an agreement to fund the government beyond the expiration of the current measure.
Regionally, Germany, Canada, and Switzerland spearheaded the inflows for the week, with totals of $17.7 million, $17.2 million, and $7.4 million, respectively. Australia and France maintained their positions, with inflows of $100,000 for Australia and none for France.
In contrast, the United States recorded outflows of $18.5 million, with Sweden and Brazil following with outflows of $1.8 million and $900,000, respectively.
