Bitcoin-ETF approval expectations support inflows into crypto funds

Inflows into cryptocurrency investment products for 14–20 October amounted to $66 million, versus $15.2 million a week earlier. Such figures were provided by analysts CoinShares.

The positive trend extended for a fourth straight week. Total inflows during this period reached $179 million. With improved market conditions, AUM of the funds rose by 15%, to $33 billion — the highest since mid-August.

Analysts noted that the figures are modest compared with those recorded after BlackRock’s announcement of filing to launch the Bitcoin-ETF in June. At that time, inflows over four weeks amounted to $807 million.

“This suggests that investors are taking a more cautious approach this time,” explained the analysts.

84% of total inflows went to Bitcoin-related products (last week: $16.4 million). Year to date, the figure reached $315 million.

Investors allocated $1.7 million to products enabling short exposure on the first cryptocurrency, unchanged from the prior week.

Persisting concerns about Ethereum led to further outflows from related products of $7.4 million (the previous period also -$7.4 million).

In funds based on other altcoins, positive momentum was observed. Once again, Solana-based instruments stood out – $15.5 million vs $3.7 million a week earlier. Since the start of the year, investors have increased positions by $74 million.

On October 21, the dominance index of the first cryptocurrency reached 52.76% — the highest since April 2021 .

Earlier, Matrixport analysts forecast a rise in digital gold as Bitcoin ETF approval would bring it to$42,000–$56,000. CryptoQuant reported values$50,000–$73,000.