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October may have lived up to expectations, with global crypto funds run by asset managers like BlackRock, Bitwise, Fidelity, Grayscale, ProShares, and 21Shares registering net inflows of $901 million. In the financial sector, October, or āUptoberā as it is referred to, is recognized as a bullish month. Investors expect that a significant percentage, if not all, of financial vehicles will perform well during the tenth month of the year.
October Brings $3.36 Bln to Digital Asset Investment ProductsĀ
CoinShares noted in its weekly crypto asset flow report that more than $3.36 billion entered digital asset investment products in October. This represents approximately 12% of the fundsā Assets Under Management (AUM) and the fourth-largest month on record. Consequently, year-to-date inflows have now reached $27 billion.Ā
This current level is almost triple compared to 2021 when inflows were at $10.5 billion.Ā
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Bitcoin-based Products Dominates InflowsĀ
Of the total inflows, Bitcoin-based products dominated, with as much as $920 million worth of net weekly inflows generated worldwide. Also, short-bitcoin positions recorded minor net outflows of $1.3 million. Blockchain equities registered weekly inflows of $12.2 million, while Solana products were at $10.8 million. Conversely, Ethereum-based funds returned to net weekly outflows of $34.7 million.
This coincides with the fall of the ETH/Ā BTCĀ ratio to its lowest level since April 2021. Top investment asset management firm BlackRock led the net weekly inflows registered by U.S. spot Bitcoin exchange-traded funds. For context, these funds recorded $997.6 million in net weekly inflows this past week. On the other hand, other Bitcoin-based products were on the side of negative flows.
BlackRock BTC Holding Exceeds 400,000 Units
Meanwhile, BlackRock hit a more than 400,000 BTC milestone in its holding. A unit of Bitcoin is trading at $68,898.55, with a 1.84% increase in the last 24 hours. Based on this price level, the asset managerās BTC holding is worth approximately $25.8 billion. This massive holding shows BlackRockās unwavering commitment to the flagship cryptocurrency.Ā
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Larry Fink, BlackRockās CEO, is quite bullish on BTC and has predicted that its market capitalization will reach $50 trillion. At such a level, the Bitcoin price should have reached $2.5 million. However, Bitcoinās market cap is only about $1.36 trillion at this time.
