Crypto investment products saw $1.2 billion in inflows for the third week running.
Investors are responding to the likelihood of continued dovish monetary policies in the US, pushing assets under management (AuM) up by 6.2% last week, according to CoinShares.
Even though trading volumes dropped slightly by 3.1%, the approval of options for US-based crypto products boosted the sentiment.
The US and Switzerland led, seeing inflows of $1.2 billion and $84 million respectively. For Switzerland, this was the largest since mid-2022.
Germany reported $21 million in outflows, while Brazil saw $3 million in capital moving out.
Bitcoin dominates
Bitcoin dominated inflows, attracting $1 billion. Short-Bitcoin investment products also saw $8.8 million in inflows.
This means while a large group is betting on Bitcoin rising, there’s still a huge interest in betting against it.
Ethereum broke its five-week streak of outflows, finally seeing inflows of $87 million for the first time since early August.
Solana wasn’t so lucky, registering outflows of $4.8 million. Litecoin and XRP, though, recorded inflows, with $2 million and $800,000 respectively.
Meanwhile, Binance Coin and Stacks saw capital outflows of $1.2 million and $900,000.
For Bitcoin, September is usually its worst month. Historically, the asset has ended in the red eight times since 2013.
But this time, Bitcoin is about to end September with a gain of at least 9%. At press time, it was worth $64,520, and some traders are predicting a run-up to $70,000 in the coming weeks.
Historically, a green September has always led to Bitcoin closing higher in October, November, and December. Traders are watching closely as this trend is widely expected to repeat itself this year.
Global monetary easing policies, a weakening yen, and growing institutional interest in Bitcoin are expected to contribute to the rally.
Political sentiment in the US is also part of it. With both political parties showing favorable views toward the crypto market, and midterm elections right around the corner, many expect these bullish conditions to continue.
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