(Kitco News) - Institutional investors joined retail investors in reengaging with the crypto market last week after Bitcoin (BTC) hit its highest price in 2023, with the latest digital asset fund flows report from CoinShares showing that digital asset investment products saw inflows of $326 million during the week ending Oct. 27.
The $326 million was the largest single week of inflows since July 2022 and increased the month-to-date inflows to nearly half a billion dollars.“While positive for Bitcoin, this weekly inflow ranks as only the 21st largest on record, suggesting continued restraint amongst investors, although we do believe a spot-based ETF is now highly likely in the coming months, and will represent a step-change for the industry from a regulatory perspective,” Butterfill said.
Bitcoin received the lion’s share of investments with $296 million flowing into the various BTC-related products, representing 90% of last week’s total inflows. Short-Bitcoin products saw inflows of $15 million.Solana (SOL) continues to see increasing interest from the institutional crowd with nearly $24 million in inflows, while Ether (ETH) extended its streak of outflows as $6 million exited these products during the week.
And in another sign of the changing times, data provided by Coinglass shows that the Chicago Mercantile Exchange (CME), a regulated derivatives exchange that lists Bitcoin futures, now ranks second behind Binance in terms of notional open interest on the list of BTC futures exchanges.As shown in the chart above, the CME’s open interest hit $3.58 billion on Monday, increasing the CME’s standing by two positions since last week.
Similar News:You can also read news stories similar to this one that we have collected from other news sources.