Fears of a possible US government shutdown became a catalyst for buying cryptocurrency investment products in the period from 23 to 29 September. Inflows totaled $21 million, according to CoinShares analysts.
Prior to that, there had been negative momentum for six weeks in a row.
Analysts noted that most activity occurred toward the end of the week ahead of the fiscal year-end (30 September). At that time there was still uncertainty about how budget funds would be allocated to continue the operations of the agencies.
An additional driver was an improvement in market conditions for cryptocurrencies.
In Bitcoin funds, inflows of $20.4 million were recorded after a $6 million outflow in the previous reporting period.
Among structures that allow shorting the first cryptocurrency, investors withdrew $1.5 million (weekly prior: $2.8 million).
Altcoin-based products showed mixed dynamics. In Ethereum funds, investors freed up $1.5 million, in the previous week — $2.2 million. Solana-based products attracted $5.1 million.
Solana’s TVL recently reached a year-to-date high of $339 million .