Based

Solana

April

Billion

BlackRock

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 “Uptober” 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.
<h2 id="b-october-brings-3-36-bln-to-digital-asset-investment-products-b">October Brings $3.36 Bln to Digital Asset Investment Products&nbsp;</h2>
<a href="https://thecoinrise.com/coinshares-released-its-q2-2024-report-records-impressive-growth/" rel="noopener noreferrer nofollow">CoinShares</a> noted in its <a href="https://blog.coinshares.com/volume-206-digital-asset-fund-flows-weekly-report-0be04a4470cf" rel="noopener noreferrer nofollow">weekly crypto asset flow report</a> that more than $3.36 billion entered digital asset investment products in October. This represents approximately 12% of the funds’ Assets Under Management (AUM) and the fourth-largest month on record. Consequently, year-to-date inflows have now reached $27 billion.&nbsp;
This current level is almost triple compared to 2021 when inflows were at $10.5 billion.&nbsp;
<h2 id="b-bitcoin-based-products-dominates-inflows-b">Bitcoin-based Products Dominates Inflows&nbsp;</h2>
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/&nbsp;BTC&nbsp;ratio to its lowest level since April 2021. Top investment asset management firm BlackRock led the net weekly inflows registered by <a href="https://thecoinrise.com/u-s-spot-bitcoin-etfs-reach-record-high-with-66-1b-in-assets/" rel="noopener noreferrer nofollow">U.S. spot Bitcoin exchange-traded funds</a>. 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.
<h2 id="b-blackrock-btc-holding-exceeds-400-000-units-b">BlackRock BTC Holding Exceeds 400,000 Units</h2>
Meanwhile, <a href="https://thecoinrise.com/blackrock-reaches-milestone-with-400000-bitcoin-in-trust/" rel="noopener noreferrer nofollow">BlackRock hit a more than 400,000 BTC milestone</a> 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 manager’s BTC holding is worth approximately $25.8 billion. This massive holding shows BlackRock’s unwavering commitment to the flagship cryptocurrency.&nbsp;
Larry Fink, BlackRock’s CEO, is quite bullish on BTC and has <a href="https://thecoinrise.com/blackrock-ceo-predicts-bitcoin-market-cap-will-reach-50t/" rel="noopener noreferrer nofollow">predicted that its market capitalization will reach $50 trillion</a>. At such a level, the Bitcoin price should have reached $2.5 million. However, Bitcoin’s market cap is only about $1.36 trillion at this time.
The post <a href="https://thecoinrise.com/digital-asset-investment-products-hits-3-36-billion-in-uptober/" rel="noopener noreferrer nofollow">Digital Asset Investment Products Hits $3.36 Billion In Uptober</a> appeared first on <a href="https://thecoinrise.com/" rel="noopener noreferrer nofollow">TheCoinrise.com</a>.

Digital Asset Investment Products Hits $3.36 Billion In Uptober

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