Based

Solana

April

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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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