Over the past week, investment products linked to the crypto sector on the US stock market experienced large flows. An approximate total of $1.2 billion dollars entered the assets that represent the most important cryptocurrencies. Spot ETFs took up most of the capital.
According to a CoinShares report published this Monday, Ethereum spot ETFs received $87 million. Meanwhile, Bitcoin spot ETFs received about $1 billion in institutional capital. In general terms, these income were the highest since the week of July 19.
This growing inflow of capital into stock market assets related to cryptocurrencies demonstrates the growing interest of Wall Street. Institutional investors have notable confidence in the future of BTC in the short term. Hence, their capital goes mainly towards BTC ETFs.
According to crypto sector analysts, the month of October is historically a period of strong gains for these digital currencies. In that sense, the large portfolios would be preparing for that month. Investor expectations sparked the September rally, which took BTC above $66,500 during the week.
Investment products linked to cryptocurrencies received $1.2 billion in flows. Source: CoinShares
Bitcoin ETFs lead revenue in crypto products on the stock market
As already mentioned, Bitcoin spot ETFs captured the majority of institutional capital this week. In fact, there were no dominant outflows from these exchange-traded funds in any trading session last week, according to Farside. During Friday, the income reminded us of the best days of these crypto exchange products.
On that day, a total of $494.4 million dollars entered and they became a testament to the growing appetite for risk on Wall Street. The enthusiasm stems from macroeconomic conditions in the United States, where the Fed could continue the aggressive policy of rate cuts. This thanks to the pronounced decrease in inflation.
Within the specific sector of BTC spot ETFs, BlackRock’s product, IBIT, stands out. The fund’s performance was notably outstanding and over the week it took the lion’s share of income streams across the sector. To get an idea of this performance, it is highlighted that on Friday alone it exceeded $110 million in revenue streams.
Either way, this week marks the third consecutive week of positive inflows into crypto products on the stock market. It is still not clear what the performance will be like in this new week that has just begun. For now, the prices of BTC and the rest of the altcoins are in a slight correction.
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