Hot crypto news shows a mixed week

Hot Crypto News Shows a Mixed Week

Crypto fund inflows stayed positive for the third consecutive week, although at a reduced pace. From October 7th to October 13th, inflows into hot crypto investment products totalled $15.2 million, a notable decline from the previous week’s robust $78 million. This decrease represents a 27% dip lower than the average figures for 2023, according to analysts at CoinShares.

Notably, the reported figures do not encompass all the favourable news for the digital asset market. The US SEC’s decision to refrain from appealing the court’s ruling on making an ETF out of the Grayscale Bitcoin Trust has boosted optimism about the potential launch of this product. Market experts believe that these events have enhanced the likelihood of its eventual introduction.

Specifically, BTC funds witnessed a growth of over $16 million, down from the prior week’s $42 million. In addition, investors allocated $1.7 million to products enabling short positions on Bitcoin. This is an increase from the previous week’s $1.2 million. So far, it does not seem like they feel concerned about any crypto bubbles.

Hot Altcoins: Winners and Losers

In contrast, Ethereum (ETH) funds experienced an outflow of $7.4 million. This is a shift from the previous week. They attracted $10.2 million due to the launch of futures for ETH ETFs. Analysts attribute this change to ongoing challenges in the protocol’s development.

Products built on the Solana blockchain received $3.7 million in inflows, a notable drop from last week’s high of $24 million recorded in March 2022. Meanwhile, funds for XRP maintained the attraction of investment for 25 weeks consecutively, gathering $0.42 million.

Conversely, investors withdrew funds from products that had any links with Litecoin, Tezos, and Chainlink. They amounted to $0.28 million, $0.25 million, and $0.31 million each. They are refraining from any trading here, like crypto arbitrage.

The crypto market’s performance was mixed, as the previous week saw $78 million worth of robust inflows for any hot crypto, primarily driven by Bitcoin investments. This marked the highest influx since July 2023, highlighting the market’s resilience and ability to adapt to changing dynamics swiftly.

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