Bitcoin drives digital asset inflows for the first time in 6 weeks: Report

cointelegraph.com:

Cryptocurrency assets experienced inflows for the first time in six weeks from Sept. 22 to 28, according to the latest Digital Asset Fund Flows Weekly Report from European digital assets management firm CoinShares.

Bitcoin (BTC) was the biggest gainer, with inflows in the amount of $20.4 million for the week.

Good week, everyone. Here are the latest #FundFlows and observations by CoinShares Head of Research @JButterfill.

This week inflows: US$21m (after 6 weeks of outflows)

We believe these inflows are a reaction to a combination of positive price momentum, fears over US… pic.twitter.com/0VHHBh1n50

Solana’s SOL (SOL) took second, with $5 million, as the only other asset to show inflows. Per CoinShares, this is its 27th week of inflows, with only four weeks of outflows for 2023, making it “the most loved altcoin this year.”

On the flip side, Ether (ETH) experienced outflows in the amount of $1.5 million. This marks its seventh consecutive week of outflows and, according to CoinShares, solidifies its status as “the least loved altcoin.”

Related: CoinShares says US not lagging in crypto adoption and regulation

Flows for other altcoins, including XRP (XRP) — which saw more inflows than Solana during the previous week — were negative and minimal.

CoinShares analysts attributed the lack of altcoin movement alongside Bitcoin’s trend-breaking momentum to a combination of factors:

The quagmire referenced by CoinShares involves the ongoing negotiations over U.S. government funding. Earlier in the previous week’s cycle, fears over a funding bill stalemate led to predictions that the U.S. government would shut down on Oct. 2. However, a last-minute effort by Senate leaders allowed for the passage of a stopgap that ensures funding