A recent CoinShares report indicates that digital asset and crypto investment products experienced a notable surge in inflows last week, reaching their highest point since July 2022.
$326 million flowed into digital asset investment products, with Bitcoin making up 90% of the total.
CoinShares: Bitcoin Dominates Crypto Inflows, Ethereum Slumps
In the latest report, CoinShares outlined that Bitcoin accounted for $296.3 million of the total $326 million in digital asset inflows last week.
“Bitcoin saw 90% of the inflows at US$296m, although recent price rises also prompted inflows of US$15m into short-Bitcoin investment products.”
Learn more: How To Buy Bitcoin (BTC) and Everything You Need To Know
In the previous week, CoinShares noted a total inflow of $66 million, which is approximately five times less than the amount seen this week.
In that week, Bitcoin contributed $55 million to the total inflow, while Solana brought in $15.5 million.
Furthermore, the report states that the increasing optimism led to a $24 million influx into Solana.
However, Ethereum saw a $6 million outflow despite the positive trend for other altcoins.
Bitcoin Garners Attention and Hype
Recent reports suggest that regulatory hints and investments fueled the recent increase in Bitcoin’s price over the past few weeks.
At the time of publication, Bitcoin’s price stands at $34,450.
Furthermore, the increase has encouraged analysts to express greater confidence in other cryptos.
BeInCrypto reported on October 26 that analysts are foreseeing a potential price target of $1 for XRP by the end of 2023.
Achieving this would entail an approximately 80% price surge from XRP’s current levels.
Learn more: Crypto vs. Stocks: Where To Invest Your Money in 2023
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
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