- Pre-election inflows reached $901 million, led by Bitcoin with support from spot ETFs and strong interest in Solana and Litecoin.
- Market sentiment shows a shift toward Bitcoin and altcoins like Solana, as Ethereum faces outflows and investor focus diversifies.
In recent crypto news, we discussed that Solana hit record highs in monthly addresses, Rollblock achieved over 15,000 presale registrations, and spot BTC ETFs saw inflows of $187 million. Now, digital asset inflows have surged to $901 million, with Bitcoin capturing the majority of this capital.
As shared in a recent tweet by Nate Geraci, spot Bitcoin ETFs are now about 23,000 BTC away from holding a total of 1,000,000 BTC, which is nearly 5% of Bitcoinâs final total supply.
Spot bitcoin ETFs now about 23,000 away from holding 1,000,000 btcâŠ
Or almost 5% of btc final total supply.
via @apollosats pic.twitter.com/QnrOPr6vPX
â Nate Geraci (@NateGeraci) October 28, 2024
Furthermore, according to CoinShares, Octoberâs inflows accounted for 12% of all assets under management, marking the fourth-largest monthly inflow recorded. Year-to-date, digital asset inflows now stand at $27 billion, nearly tripling the previous high of $10.5 billion set in 2021.
Signaling continued accumulation from major investors even during price dips, Bitcoin saw $920 million in inflows, while short Bitcoin products had minor outflows of $1.3 million. Yearly inflows now total 377,000 BTC. Vetle Lunde of K33 noted that net flows to Bitcoin investment vehicles in 2024 have surpassed the 2020 peak.
Spot Bitcoin ETFs played a significant role, with late October alone bringing in $998 million over five days, led by BlackRockâs ETF, which saw net inflows of $1.15 billion.
In the altcoin space, Solana and Litecoin emerged in focus, while Ethereum experienced significant outflows totaling $35 million. Analysts suggest that market sentiment around Ethereum has cooled ahead of the U.S. elections, with traders shifting their attention to other assets.
Solana recorded the second-largest inflows of $10.8 million and is anticipated to continue rallying, potentially reaching $300. Meanwhile, Litecoin has drawn renewed interest, currently around $70 and possibly climbing to $100.
At the time of writing, Bitcoin (BTC) is trading at $71,154.18, with a 3.34% increase in the past day and a 6.10% increase over the past week.
