Litecoin, one of the altcoins that has seen a slight increase on Monday is Litecoin.
The cryptocurrency market has seen another massive inflow of funds, even though BTC is struggling after bears reject the rise above $69,000.
The data shows that the LTC is now above $70, with a move of 2% in just 24 hours. Meanwhile, Bitcoin has increased by 2.3% to be near $68,800.
Bitcoin receives $920 Million in Inflows
CoinShares reports that the market for digital asset investment products has seen a total inflow of $900,000,000 over the last week.
The CoinShares blog on October 28 noted that exchange traded products including ETFs recorded an inflow global of $901 millions last week.
The monthly investment inflows from digital assets products have reached 12% so far of global AUM (assets under management).
The AUM for the year to date has reached a new record of $27 billion, with October being the 4th largest month ever.
The inflows for the current year have been nearly three times higher than the $10.5 billion recorded at the peak of the bull market 2021.
Crypto has benefited from the approval of Bitcoin and Ethereum spot ETFs by the United States, as well as the entry of major investors such as BlackRock.
Bitcoin’s price reached a record high in March of $73,500 as ETFs were increasingly popular.
BTC’s price has recovered to over $68k in this week despite recent drops.
The US election in 2024, which is just a few days away this year, also played a role in the record-breaking inflows in October.
CoinShares’ digital asset funds flow report stated that “we believe current Bitcoin prices are heavily affected by US politics. The recent increase in inflows is likely related to Republicans’ poll results.”
Litecoin generates weekly revenue of $1.8 Million
According to the CoinShares Report, Bitcoin has seen the largest inflows over the past seven days.
Inflows of $920 millions were recorded in the benchmark asset.
Ethereum, which is the second largest cryptocurrency in terms of market capitalization, saw an outflow of $34.7 millions and Solana received $10.8 million.
Litecoin was the other asset that recorded significant inflows, with over $1.8million. XRP recorded about $0.2million.
Ethereum is the cryptocurrency that has seen significant outflows compared to last week’s results.
Inflows for ETH totaled $58.8 million, compared with $2.4 million inflows for Solana and $1.7 million inflows for Litecoin. XRP received $0.7 million.
The Canary Capital asset management platform filed a request for a spot Litecoin ETF.
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