• Tue. Nov 2nd, 2021

Cryptocurrencies register record inflows in the past week – CoinShares data

ByHazel R. Lang

Oct 25, 2021

A representation of Bitcoin virtual currency and US dollar banknotes can be seen in front of a stock chart in this illustration taken on January 8, 2021. REUTERS / Dado Ruvic / File Photo

NEW YORK, Oct. 25 (Reuters) – Cryptocurrency products and funds posted record inflows last week to $ 1.5 billion, their 10th consecutive week of investing, as optimism rose in boom with Bitcoin exchange-traded fund trading, a report from digital asset manager CoinShares showed on Monday.

Inflows so far this year have reached $ 8 billion, far surpassing the all-2020 high of $ 6.7 billion, according to data for the week ending October 22.

Total assets under management also hit a new record high of $ 79.2 billion, although it ended the week at $ 76.7 billion.

The bulk of entries for the sixth week in a row went to Bitcoin, at $ 1.45 billion, according to the data. Since the start of the year, inflows into the world’s largest cryptocurrency amounted to $ 6.1 billion.

The ETF ProShares Bitcoin Strategy and ETF Valkyrie Bitcoin Strategy (BTF.O) debuted last week, a watershed moment for the crypto industry which is expected to attract more inflows from large institutional investors.

This pushed bitcoin to an all-time high of $ 67,016.50. It was up 4.6% for the last time to $ 63,682.

“Bitcoin Reaches New All-Time Highs shows both how far we’ve come and bitcoin’s ability to disrupt the financial system and create a global economy, connecting developed and emerging markets like never before,” said Ray Youssef, co- founder. and CEO of Paxful, a global peer-to-peer fintech platform.

“While this recent price rally can be attributed to moves such as the approval of the first bitcoin ETF for institutional investors, we cannot ignore the impact of significant development and adoption in emerging markets.” , he added.

Ethereum, meanwhile, recorded releases for a third straight week totaling $ 1.4 million. CoinShares believed the outflows were due to minor profit taking as the price approached record highs. Ether, the currency of the Ethereum blockchain, last traded at $ 4,224.30, up 3.5%.

Other altcoins have seen inflows. Solana, Cardano and Binance recorded cash receipts totaling $ 8.1 million, $ 5.3 million and $ 1.8 million, respectively.

Assets under management at Grayscale and Coinshares, the two largest digital asset managers, soared last week to $ 54.6 billion and $ 5.2 billion, respectively.

Reporting by Gertrude Chavez-Dreyfuss in New York Editing by Matthew Lewis

Our standards: Thomson Reuters Trust Principles.

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