Pre-election inflows reached $901 million, led by Bitcoin with support from spot ETFs and strong interest in Solana and Litecoin. As Ethereum faces outflows and investor focus diversifies, market sentiment is showing a shift towards altcoins such as Bitcoin and Solana.
In recent crypto news, we discuss Solana hitting an all-time high in monthly addresses, Rollblock achieving over 15,000 presale registrations, and Spot BTC ETF recording $187 million in inflows. did. Currently, digital asset inflows have surged to $901 million, with Bitcoin accounting for the majority of this funding.
As shared in a recent tweet by Nate Geraci, the Spot Bitcoin ETF is currently about 23,000 BTC away from holding a total of 1 million BTC, which is nearly 5% of Bitcoin’s final total supply. It has become.
The Spot Bitcoin ETF is currently about 23,000 shy of holding 1,000,000 Bitcoins…
Or almost 5% of the final total supply of Bitcoin.
via @ApolloSat pic.twitter.com/QnrOPr6vPX
— Nate Geraci (@NateGeraci) October 28, 2024
Furthermore, according to CoinShares, inflows in October accounted for 12% of total assets under management, making it the fourth largest monthly inflow on record. Year-to-date, digital asset inflows have reached $27 billion, nearly triple the all-time high of $10.5 billion set in 2021.
Bitcoin saw inflows of $920 million, while short Bitcoin products saw smaller outflows of $1.3 million, suggesting continued accumulation by major investors even during the price decline. . The current annual inflow amount is 377,000 BTC. K33’s Vettle Runde noted that net inflows into Bitcoin investment vehicles in 2024 exceeded the 2020 peak.
Spot Bitcoin ETFs played a key role, with $998 million in five-day inflows in late October alone, led by BlackRock ETFs with $1.15 billion in net inflows.
In the altcoin space, while Solana and Litecoin gained traction, Ethereum experienced significant outflows totaling $35 million. Analysts have suggested that market sentiment around Ethereum has cooled ahead of the U.S. election, with traders turning their attention to other assets.
Solana had the second-largest inflow at $10.8 million and is expected to continue rising, potentially reaching $300. Litecoin, on the other hand, is gaining renewed interest and is currently around $70, but could potentially rise to $100.
At the time of writing, Bitcoin (BTC) is trading at $71,154.18, up 3.34% over the past day and 6.10% over the past week.
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