Best crypto insights delivered straight to your inbox.
- Crypto investment products saw $1.2 billion in inflows for the third week straight, despite a slight dip in trading volumes.
- Bitcoin led the charge with $1 billion in inflows, while short-Bitcoin products also attracted $8.8 million.
- Ethereum broke its five-week losing streak with $87 million in inflows, but SOL and BNB saw outflows.
Crypto investment products saw $1.2 billion in inflows for the third week running.Â
Investors are responding to the likelihood of continued dovish monetary policies in the US, pushing assets under management (AuM) up by 6.2% last week, according to CoinShares.
Even though trading volumes dropped slightly by 3.1%, the approval of options for US-based crypto products boosted the sentiment.
The US and Switzerland led, seeing inflows of $1.2 billion and $84 million respectively. For Switzerland, this was the largest since mid-2022.Â
Germany reported $21 million in outflows, while Brazil saw $3 million in capital moving out.
Bitcoin dominates
Bitcoin dominated inflows, attracting $1 billion. Short-Bitcoin investment products also saw $8.8 million in inflows.
This means while a large group is betting on Bitcoin rising, there’s still a huge interest in betting against it.
Ethereum broke its five-week streak of outflows, finally seeing inflows of $87 million for the first time since early August.Â
Solana wasn’t so lucky, registering outflows of $4.8 million. Litecoin and XRP, though, recorded inflows, with $2 million and $800,000 respectively.Â
Meanwhile, Binance Coin and Stacks saw capital outflows of $1.2 million and $900,000.
For Bitcoin, September is usually its worst month. Historically, the asset has ended in the red eight times since 2013.
But this time, Bitcoin is about to end September with a gain of at least 9%. At press time, it was worth $64,520, and some traders are predicting a run-up to $70,000 in the coming weeks.
Historically, a green September has always led to Bitcoin closing higher in October, November, and December. Traders are watching closely as this trend is widely expected to repeat itself this year.
Global monetary easing policies, a weakening yen, and growing institutional interest in Bitcoin are expected to contribute to the rally.
Political sentiment in the US is also part of it. With both political parties showing favorable views toward the crypto market, and midterm elections right around the corner, many expect these bullish conditions to continue.
The smartest crypto minds already read our newsletter. Want in? Join them.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Jai Hamid
Jai Hamid has been covering crypto, stock markets, technology, the global economy, and the geopolitical events that affect markets for the past 6 years. She has worked with blockchain-focused publications including AMB Crypto, Coin Edition, and CryptoTale on market analyses, major companies, regulation, and macroeconomic trends. She has attended London School of Journalism and thrice shared crypto market insights on one of Africa’s top TV networks.
CRASH COURSE
- Which cryptocurrencies can make you money
- How to boost your security with a wallet (and which ones are actually worth using)
- Little-known investment strategies that the pros use
- How to get started investing in crypto (which exchanges to use, the best crypto to buy etc)