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October 1, 2023
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Bitcoin Attracts $27 Million in Inflows, Outshining Other Digital Assets: CoinShares Report

The post Bitcoin Attracts $27 Million in Inflows, Outshining Other Digital Assets: CoinShares Report appeared first on Coinpedia Fintech News

Since the 2022 crypto bear market began, investments in digital assets have struggled to attract money like before. Problems faced by TerraLunaUST, FTX, and Alameda Research last year made big investors wary. However, long-term investors have been buying more Bitcoins during this tough market, mainly due to rising global inflation. Furthermore, the EU and the UK have set clear rules for crypto, which more places are following.

A closer look at a weekly report by European digital assets manager CoinShares reveals interesting facts. The recent US inflation data, a bit lower than predicted, caused a small rise in investments in digital assets last week. This suggests that there might not be a hike in interest rates in September.

In the past week, about $29 million flowed into digital asset investments. Most of this money went into Bitcoin. A noteworthy change happened with Bitcoin, which turned around from losing about $144 million in the past three weeks to gaining $27 million last week.

In the world of alternative cryptocurrencies (altcoins), Ethereum led the way with around $2.5 million coming in. Other altcoins also got attention, like Uniswap (UNI) getting $0.7 million, Solana (SOL) getting about $0.4 million, and XRP having around $0.5 million. Canada was the top region for money flowing in, with about $24 million.

Despite challenges from the 2022 crypto bear market and new regulations, this weekly report shows that digital asset investments are changing. Positive trends, especially with Bitcoin and some altcoins, suggest that investors can adapt and the digital asset market can keep growing.

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