BTC Investments Products Increase as Bull Run Continues
Institutional investors are one of the significant factors that impact the bull run of BTC. After weeks of accumulating altcoins, the investors have returned to Bitcoin, resulting in a massive inflow of BTC investment products for the second straight week.
CoinShares reported that BTC investment products had a massive inflow of $68.7M between September 27 and October 1. This figure represents a 36% increase in BTC exposure WoW. Although BTC products have dominated inflows for the past two weeks, this comes after a streak of outflows that occurred consistently for eight straight weeks until September.
Institutional Investors Also Dealt in ETH Investment Products
Aside from BTC, ETH investment products also have a good inflow of $20.2M as institutional investors made their move. Bitcoin products alongside Ethereum gained about 7.4% and 3.2% during the last seven days respectively. Investors had a mixed appetite for Solana, with demand dropping by 98% to $700k after the altcoin posted a high of $38M in five weeks. In mid-September, traders flocked to Solana investment products, leaving BTC and ETH. SOL exposure attracted an 86.6% weekly inflow between September 6 and 14, posting $49.4M. That week, the total combined inflow represented $57M.
Cardano, Polkadot, and Binance Coin products posted approximately $1.1M, $800K, and $800k worth of inflows last week. Mutual asset funds saw an inflow of $1.9M. Despite the inflows last week, the total trade volume is still low compared to the worth of products traded in mid-May. Last week’s trade volume was worth $2.4B while the total trading volume in mid-May was $8.4B, suggesting that the current bull run is still miles apart from May’s landmark.
CoinShares estimates that the total number of assets under institutional asset management amount to $57.1B, an 8.5% weekly increase. Of the combined assets under management, Grayscale continues to pull clear with over $41.1B. XBT and Purpose Funds take the second and third spot, representing $2.2B and $2.1B respectively.
BTC Still on the Rise
The last quarter of the year saw BTC nosedive to a low figure, despite posting some impressive runs. The fourth quarter has shown some good signs of impressive runs of all cryptos, as BTC is currently trading at $49k, breaking the $47k barrier. According to CoinMarketCap, the oldest crypto has gained over 9% in the last week, which is impressive. Despite the hit from China that led to the crypto shedding 5% in value, the flagship coin has managed to maintain momentum. In no time, the price might surpass the $50k mark again.
Elsewhere, altcoins like ETH, SOL, BNB, and XRP are doing pretty well. Their prices have climbed more than 10% since the start of the fourth quarter.
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