30s Summary

Digital cash transactions reached $901 million during the week ending Oct. 25, due in large part to a spike in Bitcoin activity. Bitcoin accounted for $920 million of this total, according to a report by CoinShares. It is speculated that the upcoming US elections influenced this surge. The US was responsible for the majority of the funds, while Switzerland and Germany contributed smaller amounts. The worth of assets managed by BlackRock’s iShares Bitcoin Trust surpassed $28 billion. Total inflows for this year reached $27 billion. However, Ethereum-based funds suffered a decrease, with $35 million in withdrawals.

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You wouldn’t believe it – the rise in digital cash transactions in the week ending on Oct. 25 was almost off the charts, touching an insane $901 million! This was mostly thanks to a crazy spike in Bitcoin action, rocketing the total digital dosh for the year to a whopping $27 billion.

So here’s the deets – this thing called CoinShares spits out a weekly report, and according to that, Bitcoin was king with a massive $920 million during this period. It seems the upcoming US elections might have had something to do with this, as stated in the report. Here’s a direct quote:

“The recent surge in inflows might be down to the Republicans gaining ground in the polls – we reckon this is heavily swaying Bitcoin prices and transactions right now.”

And hey, guess who was at the top of the cash-pouring leaderboard? Yup, our very own Uncle Sam, with a whopping $906 million. Switzerland and Germany were also in the game but smaller players, with gains of $14.7 million and $9.2 million, respectively. However, Canada, Brazil, and Hong Kong weren’t so hot and had minor outflows.

Among all the Bitcoin action, it’s worth noting that BlackRock’s iShares Bitcoin Trust still grabs the bigger piece of the pie, managing more than $28 billion in funds. Mind-boggling, right?

Now, October has been a pretty bullish month for the digital cash market. It accounted for 12% of total managed assets, making it one of the heavy hitters. This year’s inflow reached $27 billion, which is more than triple of the previous all-time high set in 2021.

And as far as we can tell, the good vibes are also rubbing off on blockchain companies. Stats show they’ve had a third week of positive cash influx, wrapping up Oct. 25 with a neat little sum of $12.2 million. And apparently, Solana funds are the hot new fad, with inflows of $10.8 million.

However, not all are having a party. Ethereum-based funds took a bit of a nosedive, wrapping up in the red with $35 million in withdrawals. Interesting, right?

Source: Cointelegraph