Bitcoin drives digital asset inflows for the first time in 6 weeks: Report

Cryptocurrency assets experienced inflows for the archetypal clip successful six weeks during the week of Sep. 22-28, according to the latest Digital Asset Fund Flows Weekly Report from European integer assets absorption steadfast CoinShares.

Bitcoin was the biggest gainer with inflows successful the magnitude of $20.4 cardinal for the week.

— CoinShares (@CoinSharesCo) October 2, 2023

Solana took 2nd with $5 cardinal arsenic the lone different plus to amusement inflows. Per CoinShares, this is its 27th week of inflows with lone 4 weeks of outflows for 2023, making it “the astir loved altcoin this year.”

On the flip side, Ethereum experiences outflows successful the magnitude of $1.5 million. This marks its seventh consecutive week of outflows and, according to CoinShares, solidifies its presumption arsenic “the slightest loved altcoin.”

Related: CoinShares says US not lagging successful crypto adoption and regulation

Flows for different altcoins, including XRP aft it saw much inflows than Solana successful the erstwhile week, were antagonistic and minimal.

CoinShares analysts attributed the the deficiency of altcoin question alongside Bitcoin’s trend-breaking momentum to a operation of factors:

“We judge the inflows are a absorption to a operation of affirmative terms momentum, fears implicit US authorities indebtedness prices and the caller quagmire implicit authorities funding.”

The quagmire referenced by CoinShares involves the ongoing negotiations implicit U.S. authorities funding. Earlier successful the erstwhile week’s cycle, fears implicit a republican-wrought stalemate led to predictions that the U.S. authorities would unopen down connected Oct. 2. However, a last-minute effort by legislature leaders allowed for the transition of a stopgap that ensures backing done November 17. Whether legislature and the president tin travel to presumption to money the authorities beyond the existent measure’s expiration remains to beryllium seen.

Geographically, Germany, Canada, and Switzerland pb the complaint for the week with inflows amounting to $17.7 million, $17.2 million, and $7.4 cardinal respectively. Australia and France held the line, metaphorically speaking, with $0.1 cardinal for the erstwhile and a nil propulsion for the latter.

The United States played foil to Europe and Canada’s inflows, registering $18.5 cardinal successful outflows with Sweden and Brazil pursuing suit astatine $1.8 and $0.9 outgoing respectively.