Crypto assets saw inflows for the first time in six weeks during the week of September 22-28, according to the latest weekly digital asset fund inflows report from European digital asset manager CoinShares.
Bitcoin was the biggest winner, with flows amounting to $20.4 million this week.
Inflows this week: $21 million (after 6 weeks of outflows)
We believe these flows are a reaction to a combination of positive price momentum and concerns about the US… pic.twitter.com/0VHHBh1n50
— CoinShares (@CoinSharesCo) October 2, 2023
Solana took second place with $5 million as the only other asset to show inflows. According to CoinShares, this is the 27th week of inflows with only four weeks of outflows for 2023, making it “the most popular altcoin this year.”
On the other hand, Ethereum is facing outflows worth $1.5 million. This marks the seventh consecutive week of outflows and, according to CoinShares, cements its position as the “least popular altcoin.”
Related: CoinShares says the United States is not lagging behind in cryptocurrency adoption and regulation
Flows into other altcoins, including XRP after seeing more inflows than Solana the previous week, were negative and modest.
CoinShares Analysts attributed The lack of altcoin movement combined with Bitcoin’s trend-breaking momentum is due to a combination of factors:
“We believe the inflows are a response to a combination of positive price momentum, concerns about US government debt rates and the recent quagmire over government financing.”
The swamp referenced by CoinShares includes processing Negotiations on US government financing. Earlier in last week’s session, concerns about Republican gridlock led to expectations that the US government would shut down on October 2. However, a last-minute effort by Senate leaders allowed a temporary gap ensuring funding to pass through November 17. It remains to be seen whether Congress and the president will be able to reach an agreement to fund the government after the current measure ends.
Geographically, Germany, Canada, and Switzerland lead this week with flows of $17.7 million, $17.2 million, and $7.4 million, respectively. Australia and France held the line, figuratively speaking, with $0.1 million for the former and neither one ahead of the latter.
The United States manipulated inflows to Europe and Canada, recording $18.5 million in outflows, and Sweden and Brazil followed suit with $1.8 and $0.9 outflows, respectively.
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