BTC Spearheads Crypto’s Most Bullish Week Since July 2022

1 Nov 2023 by Rory Kejzerko 2 min read

Per reports from digital assets investment firm CoinShares, the crypto industry experienced $326 million worth of net inflows last week, signalling the most bullish 7-day period for the space since July 2022.

As is often the case, Bitcoin (BTC) happenings played a significant role in such influx of capital - where as you may already know, DeFi advocates experienced a substantial wave of fresh optimism as news of an imminent Spot Bitcoin ETF approval from the US Securities and Exchange Commission’s (SEC) surfaced. Of course, alongside this saw BTC rise to a yearly high of over $35,000.

Intuitively, this led to Bitcoin being responsible for over 90% of the inflows (around $296.3 million) - where interestingly, $15.4 million worth of short-bitcoin positions were also made (i.e. investments that’ll profit from price declines - further indicating that some investors may be hedging their bets, whilst other may be under the impression that the ongoing Bitcoin rally will one-day reverse).

Coherent with what we’ve been witnessing over the past few weeks (amid the country’s plethora of regulatory woes), the US was by no means the biggest contributor to such number, as the nation was only responsible for a mere 12% of total inflows. Instead, the likes of Canada, Germany and Switzerland topped the charts, whilst Asia - with net inflows of $28 million - marked its most bullish week of crypto investments on record.

When it comes to the second largest crypto contributor, Solana (SOL) took this spot with $23.9 million worth of inflows, followed by the aforementioned short-bitcoin investments. Here, the only other notable positive balances came via Litecoin (LTC) and XRP (XRP), which recorded $500,000 and $200,000 net inflows, respectively.

And finally, you may be wondering how Ethereum (ETH) fared throughout the same time period. Further, as its exclusion from the top performers list indicates, the world’s leading altcoin performed poorly through recording net outflows of $6 million. In turn, this brings its total year-to-date exits to a bearish $125 million.

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