Key takeaways
Why is crypto off to a strong start this October?
A surge in stablecoin deposits and record inflows into crypto funds is boosting market momentum.
Is Bitcoin leading the current rally?
Yes, Bitcoin is outperforming Ethereum and attracting the most investor attention and capital.
The crypto market is starting October on a strong note. Over $1.1 billion in stablecoins has flowed into Binance, giving traders buying power.
At the same time, Bitcoin [BTC] is bouncing back as more coins move off exchanges and into private wallets.
Adding to the positive mood, global crypto funds just saw a record $5.95 billion in weekly inflows – mostly into Bitcoin and Ethereum [ETH]. After months of doubt, momentum may finally be shifting back to the bulls.
Uptober is on!
According to The Kobeissi Letter, crypto funds recorded $5.95 billion in net inflows, surpassing the previous ATH by over $1 billion.
Bitcoin led the charge with $3.55 billion, followed by $1.48 billion into Ethereum funds. Interestingly, Ethereum’s YTD inflows now stand at a record $13.7 billion, nearly triple last year’s total.
Source: X
Other altcoins weren’t left behind. Solana [SOL] and Ripple’s [XRP] also saw record inflows of $706.5 million and $219.4 million, respectively.
