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Potential approval of Bitcoin ETF drives OTC sales as digital asset inflows surge across board Potential approval of Bitcoin ETF drives OTC sales as digital asset inflows surge across board

Potential approval of Bitcoin ETF drives OTC sales as digital asset inflows surge across board

Data via Glassnode

The potential approval of a spot ETF for Bitcoin has spurred a significant increase in bullish inflows into the cryptocurrency market

Quick Take

The potential approval of a spot ETF for Bitcoin has spurred a significant increase in bullish inflows in the crypto market.

As reported by CryptoSlate, there has been a staggering 340% week-over-week surge in inflows into digital assets.

This surge is not confined solely to the typical exchange platforms. Over-the-counter (OTC) desk wallets, which allow market participants to trade Bitcoin without using an exchange, have also experienced substantial inflows since the start of October, as tracked by Glassnode.

OTC desk wallet inflows: (Source: Glassnode)
OTC desk wallet inflows: (Source: Glassnode)

In addition, the Purpose Bitcoin ETF, with its holdings of approximately 25,000 Bitcoin, has observed consistent inflow throughout the past month. Even though these inflows might not be termed as ‘large,’ they denote a positive market sentiment. This uptick in inflows across various platforms indicates an optimistic market response to the potential approval of a Bitcoin ETF, bolstering the overall landscape of digital assets.

Purpose Bitcoin ETF flows: (Source: Glassnode)
Purpose Bitcoin ETF flows: (Source: Glassnode)

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