Cryptocurrencies record inflows for eight consecutive weeks: Bitcoin popularity rebounds, Ethereum sees small outflows

Cryptocurrency products and funds attracted $226.2 million in investment last week, the eighth consecutive week of inflows for the asset class, according to a report released Tuesday by digital asset manager CoinShares.
Over the past eight weeks, inflows into cryptocurrency products totaled $638 million, bringing year-to-date totals to $6.3 billion.
Among them, data for the week ending October 8 showed that Bitcoin led the rise in cryptocurrencies as expected, recording inflows of $225 million for the fourth consecutive week.
Bitcoin prices soared to a five-month high of just below $58,000 a coin on Monday as investor recognition of the digital currency continued to drive institutional demand. Bitcoin has risen about 88% since hitting a low of $2.86 in June.
As of press time, Bitcoin fell 1.39% on the day to $56,286.8 per coin.

In this regard, CoinShares investment strategist James Butterfill said in the report: "We believe that the resurgence in Bitcoin's popularity is mainly due to the constructive statement made by Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), which may allow Bitcoin ETFs to be listed in the United States."
It is reported that at a meeting a few weeks ago, SEC Chairman Gensler reiterated his support for Bitcoin ETFs, which would invest in futures contracts rather than the digital currency itself.
In addition, blockchain data provider Glassnode also stated in its latest research report that Bitcoin's network activity increased significantly in the first week of October, indicating that new demand will begin to enter in the fourth quarter.
Glassnode said that as open interest rates and swap funding rates rose, positive sentiment and constructive price action also began to creep back into the derivatives market.
However, as Bitcoin continues to take away cryptocurrency market share, data shows that Ethereum has seen smaller outflows totaling $14 million. In the last week alone, its market share has fallen by 1%, accounting for 24% of assets under management.
In terms of other cryptocurrencies, other alternative coins such as Solana and Cardano saw inflows of $12.5 million and $3 million respectively. Other digital tokens such as Polkadot, Ripple, and Litecoin saw outflows.