Bitcoin Fuels Digital Asset Inflows for the First Time in 6 Weeks: Report

Crypto Altcoins Experience Inflows and Outflows

According to the latest Digital Asset Fund Flows Weekly Report from European digital assets management firm CoinShares, digital asset investment products experienced inflows for the first time in six weeks from Sept. 22 to 28. Bitcoin (BTC)-related investment products were the biggest gainers, with inflows of $20.4 million.

Solana (SOL) investment product inflows came in second, with $5 million, making it the most loved altcoin this year with only four weeks of outflows. On the other hand, Ether (ETH) products experienced outflows of $1.5 million, solidifying its status as the least loved altcoin with seven consecutive weeks of outflows.

Crypto Altcoin Flows and U.S. Government Funding

XRP (XRP) saw negative and minimal flows in comparison to Solana during the previous week, according to CoinShares analysts. They attributed this lack of altcoin movement alongside Bitcoin’s trend-breaking momentum to a combination of factors, including the quagmire of negotiations over U.S. government funding.

Earlier in the week, there were fears that the U.S. government could shut down on October 2. However, a last-minute effort by Senate leaders allowed for the passage of a stopgap that ensures funding through November 17. Whether Congress and the president can come to terms to fund the government beyond the current measure’s expiration remains to be seen.

The biggest crypto today had the most impressive inflows from Germany, Canada and Switzerland, reaching $17.7 million, $17.2 million and $7.4 million respectively. Australia and France had a much lower investment of $100,000 and zero respectively.

In contrast, the United States had $18.5 million in outflows, and Sweden and Brazil followed with $1.8 million and $900,000 respectively.