Litecoin rises as digital asset inflows hit $901 million

Litecoin (LTC) is among altcoins to record slight gains on Monday as Bitcoin (BTC) price spiked above $68k again.

This comes as cryptocurrency investment products recorded another mega inflows week, despite BTC struggling as bears rejected the advance above $69k.

Data shows LTC price is above $70 with a 2% move in the past 24 hours, while Bitcoin price has jumped to near $68,800 with 2.3% upside.

Bitcoin sees $920 million inflows

According to CoinShares, the digital assets investment products market saw a total of over $900 million in inflows over the past week.

In a blog post on October 28, the CoinShares team noted that last week exchange-traded products, including ETFs, recorded a global net inflow of $901 million.

These totals for digital asset investment products brought the monthly inflows so far to 12% of the global assets under management (AUM).

With October proving to be the month with the fourth-largest inflows ever, it has helped push year-to-date AUM to a record $27 billion.

Inflows over the year are nearly triple the figures recorded during the 2021 bull market that had about $10.5 billion.

The approval of spot Bitcoin and Ethereum ETFs in the United States as well as entry of major investment managers such as BlackRock into crypto has helped the sector significantly.

In March, Bitcoin price rose to its all-time high of $73k as ETF demand spiked.

The market has remained bullish despite recent dips, with BTC price recovering to above $68k this week.

This year’s US politics, with the 2024 election just days away, has also been a factor in October’s record inflows.

 “We believe that current Bitcoin prices and flows are heavily influenced by US politics, with the recent surge in inflows likely linked to the Republicans’ poll gains,” CoinShares wrote in its digital assets funds flows report.

Litecoin nets $1.8 million in weekly inflows

Per the CoinShares report, the most inflows this past week were into Bitcoin.

The benchmark asset recorded $920 million in inflows.

Meanwhile, the second-largest cryptocurrency by market cap Ethereum saw outflows of $34.7 million and Solana hit inflows of $10.8 million.

The other single asset to record significant inflows was Litecoin, which accumulated over $1.8 million. XRP saw about $0.2 million.  

In comparison to the previous week ending October 18, it’s Ethereum that recorded notable outflows.

The total that week stood at inflows of $58 million for ETH, compared to $2.4 million for Solana, $1.7 million for Litecoin and $0.7 million for XRP.

Notably, flows into Litecoin products came as asset management platform Canary Capital filed an application for a spot Litecoin ETF.

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