Bitcoin Abruptly Skyrockets to $34K as Inflows Surge: Details
- Bitcoin suddenly broke past the $34,000 price level on October 23.
- CoinShares weekly report stated that this was a fourth consecutive week of inflow in crypto.
- Over $179 million was added to the digital asset sector in the week ending October 20.
- BlackRock’s much-awaited Bitcoin spot ETF was listed on DTCC and was assigned a CUSIP number.
In the past 24 hours, the price of the world’s largest cryptocurrency, Bitcoin, surged past $34,000, going as high as $34,950. Interestingly, the digital asset has been unable to break past the $32,000 price level since June 2022, and it seems that ‘Uptober’ is finally in effect. Additionally, this period was also marked by significant inflows, according to on-chain data.
At the time of writing, the price of Bitcoin stands at $34,400, and it is up from $31,000 by almost 12% in the past 24 hours. Interestingly, similar performance was also shown by altcoins like Ethereum (ETH), Solana (SOL), and others. Interestingly, the sudden surge can be attributed to an increase in inflow in the digital asset sector, according to CoinShares, an asset management firm.
CoinShares shared a report on October 23 stating that this is the fourth consecutive week where the crypto market has recorded inflows. Over $179 million was added to the digital asset sector in the week ending October 20, increasing the sector’s assets under management to $33 billion.
CoinShares also confirmed that $55.3 million, or 84%, went to Bitcoin investment products, bringing year-to-date BTC product inflows to $315 million. However, the firm’s Head of Research, James Butterfill, noted that the inflows are still not as big as those seen when BlackRock, the world’s largest asset management firm with over $10 trillion in AUM, filed for the approval of its BTC spot ETF with the SEC in June.
“While the most recent inflows are likely linked to excitement over a spot Bitcoin ETF launch in the U.S., they are relatively low in comparison to the initial inflows following BlackRock’s announcement in June,” stated the report.
Butterfill added that June’s four-week inflow run saw $807 million enter the crypto sector, and the lower inflows recently “are indicative of investors adopting a more cautious approach this time.”
As reported earlier by Bitnation, the approval of a Bitcoin spot ETF might be quite near, as multiple industry leaders have asked the SEC to approve their applications. Interestingly, the BlackRock iShares ETF was even given a CUSIP number, which is assigned to a security before listing.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
