Bitcoin ETF inflows had hit over a billion dollars on their first week of trading. The success of the ETFs saw the digital asset rally towards a new all-time high. Interest in the market grew tremendously among retail and institutional investors alike, leading to a week of record inflows, the highest the market has ever seen in a seven-day period. This demand has been a culmination of growing interest from institutional investors over the past couple of months.
Related Reading | MicroStrategy Bent On Increasing Bitcoin Bet After 9,000 BTC Purchase, Says CEO
However, the past week has seen a slow down in the interest coming from the big players. Inflows into Bitcoin ETFs were considerably lower last week compared to the previous weeks. Data shows that the market saw inflows of less than half that was previously recorded. Over a billion had poured into bitcoin ETFs the first week following the approvals. But inflows for last week only came out to a total of $53 million.
Institutional Inflows Into Bitcoin FallA recent CoinShares report shows that inflows into the market had nosedived for the past week. In October alone, institutional inflows into the top cryptocurrency had hit $2 billion. This figure was mainly driven by the ETF approvals in the third week of the month which saw more than $1.4 billion flow into BTC in a single week. The last week of October did not fare too well in this regard.
BTC price begins another rally | Source: BTCUSD on TradingView.comInflows into crypto for the past week ending on October 31st came out to $288 million. This number added to the previous volume for the past week brought total inflows to a record year-to-date value of $8.7 billion. However, this number was quite small compared to inflows for the previous week.
Bitcoin alone saw the majority of the inflows into the market with $269 million flowing into BTC and BTC products for the week. Less than half of this value flowed into ETFs as interest in the funds has fallen in the past week.
Ethereum And Altcoins Stage A ReturnEthereum has been experiencing a dry spell in market inflows for the past three weeks. Outflows dominated in the digital asset as focus turned on bitcoin after the approval of ETFs for trading. Despite record market inflows in the third week of October, Ethereum suffered outflows for the week. However, the close of the month came with some uplifting news for the digital asset as it recorded positive inflows for the first time in a month.
Inflows into ETH last week came out to a total of $17 million. With a 32% growth in market share for the asset, total year-to-date inflows now sit at $1 billion for ETH. The crypto led the charge for the altcoin recovery seen in the market for the past week.
Related Reading | Goldman Sachs Analysts Shoot For Ethereum At $8,000 With Expected 80% Rally
In addition to Ethereum, other altcoins also saw positive inflows. Solana continued to record inflows with a total of $15 million from institutional investors being put into the digital asset. Polkadot and Cardano followed behind with $6.2 million and $5 million flowing into both altcoins respectively.
On the multi-asset investment products fronts, outflows continued to dominate the market. A record $23 million in outflows was recorded on multi-asset investment products in what will mark a third consecutive week of outflows. It is believed that investors are moving their funds into single-asset exposures and are being more cautious with altcoin investments.
Featured image from Startup Info, chart from TradingView.comfrom NewsBTC https://ift.tt/3byUQWX
