$78M IN: Crypto Inflows Go Green For Second Consecutive Week
9 Oct 2023 by Rory Kejzerko 3 min read
$78M IN: Crypto Inflows Go Green For Second Consecutive Week

As recent weeks have shown, the days (or should I say months) of unanimous poor performances across the crypto space have largely passed us, as nowadays sprinklings of green are becoming more and more common. 

Further, per a recent report from crypto data platform CoinShares, it’s been revealed that October 2-8 marked the second consecutive week of positive crypto inflows. More specifically, $78 million was injected into the crypto space last week, which builds on the $21 million that came in the week before. 

Of course, this is significant as it illustrates a two-week sentiment that flies in the face of those questioning the staying power of crypto. Additionally, a positive balance of $78 million also marks the largest week of inflows since July of this year (which came amidst the landmark ‘not a security’ ruling in the SEC vs Ripple case). 

As many would say deservedly so, crypto’s OG came out as the biggest winner last week, as Bitcoin (BTC)  bullishness accounted for $43 million of the total amount. With its recent uptick in price, the Bitcoin ecosystem also engaged in 16% more trading across crypto exchanges last week, whilst also investing $1.2 million into short-Bitcoin positions. 

With plans for Bitcoin exchange-traded funds (ETF) still firmly in the SEC-governing pipeline, trade volumes for crypto-related exchange-traded products (ETPs) managed to rise an impressive 37% over the week, to a figure of around $1.13 billion. 

When it comes to leading altcoin Ethereum (ETH), investors poured-in a muted $10 million into the ecosystem. Such minuscule (albeit positive) figures may come as a surprise to many, as last week also saw the introduction of Ethereum futures-based ETFs in the US. For context, Bitcoin’s equivalent introduction in October 2021 saw investments of around $1 billion hit the crypto landscape - however as we know, such time period denotes a rather ‘hot period’ when it comes to bullishness across crypto’s history. 

And when it comes to the final notable contributor, Solana (SOL), such coin was able to outperform its ETH competitor to record inflows of almost $24 million. Poignantly, such figure marks Solana’s best-performing week since March 2022 (i.e. the tail end of the last bull run). 

Although still standing as the eighth largest cryptocurrency on the market, such performance bolsters Solana’s new-found identity as the ‘preferred altcoin’. Further, this sentiment was also felt through the fact that the coin’s total value locked (TVL) rose to the year’s all-time high of $338+ million. However, to bring it back to the previous bull run once again, such value still pales in comparison to the $10 billion worth of Solana that was sloshing about in DeFi protocols in November 2021 (i.e. crypto’s best-performing month on record). 

When it comes to who was involved in last week’s trading, almost 90% of the inflows originated in Europe, with the US and Canada only contributing $9 million. As previously reported, such divergence in regional investment decisions may largely be down to the regulatory uncertainty that US citizens are continuously having to face. 

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This article is intended for educational purposes and is not financial advice.