Cryptocurrency funds saw a net inflow of over $300 million in a single week, with the market eagerly awaiting the Federal Reserve's interest rate decision.

On Monday, U.S. stocks closed higher, with gold supported by safe-haven demand amid Middle East tensions hovering above $2,000, while Bitcoin and Ethereum remained stable around $34K and $1,800. Data from CoinShares shows that cryptocurrency funds saw a net inflow of $326 million in the past week, with Bitcoin accounting for 90%, and investors closely watching this week's Federal Reserve interest rate decision on Wednesday and Chairman Powell's post-meeting statement.

Cryptocurrency Funds See $326 Million Net Inflows in a Week, Bitcoin Dominates 90%

According to a report by The Block, data from CoinShares shows that the cryptocurrency market saw the largest weekly inflow since July 2022, with over $326 million flowing in, of which Bitcoin accounted for 90% at $296 million. CoinShares believes that the inflow of funds is being driven by investor optimism surrounding the imminent approval of a Bitcoin spot ETF.

Last week, $24 million flowed into Solana as a "large" inflow. Total inflows based on Solana so far this month are close to $70 million.

VanEck is bullish on Solana valuation: predicts a target price of $3,211 by 2030.

While other altcoins saw positive net inflows, this optimism does not extend to Ethereum, which saw an outflow of $6 million. Over the past month, net outflows based on Ethereum have exceeded $10 million, totaling $125 million year-to-date.

Market Awaits Post-Fed Statement by Chairman Powell on Thursday

The Federal Reserve officials will meet from October 31 to November 1. Due to the recent rise in U.S. long-term bond yields, markets generally expect the Fed to keep rates unchanged at this meeting, but will be focused on the statement by Chairman Powell early Thursday at 2:30 am Taipei time.

Based on the current CME FedWatch index, 95% of traders believe the Fed will remain on hold this time.