In a statement released on September 15, China’s central bank, the People’s Bank of China, declared a ban on all crypto transactions in the country, essentially outlawing all cryptos, including Bitcoin.
Inflows of $95 million were seen in digital assets like Bitcoin, Ethereum, Binance, Solana, and others last week, bringing the total inflows over the last six weeks to $320 million. This showed that investors saw recent obstacles for digital assets, such as China’s ban on cryptocurrencies, as buying opportunities.
In a statement issued on September 15 (and published online last week), China’s central bank, the People’s Bank of China, declared a ban on all crypto transactions in the country, essentially outlawing all cryptos, including Bitcoin. As a result, the values of a number of cryptocurrencies, including Bitcoin, have fallen.
As a consequence, “Bitcoin witnessed the biggest inflows of any investment product, totaling $50 million, despite suffering from poor investor sentiment over the past two quarters,” according to the study. Last week, Ethereum was the second most popular cryptocurrency, with inflows totaling $29 million.“As the quantity committed in Eth2.0 grows, sentiment for Ethereum has stayed reasonably positive. According to our calculations, 6.6 percent of Ethereum is staked in Eth2.0, with staking growth critical for investor confidence as investors perceive Eth2.0 as a possible environmentally friendly alternative to existing proof-of-stake digital assets.”
Both Solana and Polkadot continued to have large inflows of $3.9 million and $2.4 million in terms of assets under management (AuM), accounting for 4.5 percent and 3.2 percent of AuM, respectively. In the total AuM of $52,646 million for all digital assets, Bitcoin and Ethereum had the highest shares totaling $35,584 million and $12,987 million, respectively.
Solana, an Ethereum rival, was the most popular digital asset among investors worldwide the week before. The cryptocurrency drew $49.4 million, accounting for 86.4 percent of overall inflows of $57.2 million into various digital assets for the week. CoinShares’ weekly report summarises Bitcoin, Ether, and other digital asset investment inflows and outflows in prominent ETPs, mutual funds, and OTC trusts.