The recent rises in the crypto market have once again attracted the attention of investors. Last week, a record inflow of $2.19 billion into crypto funds was registered, according to the latest report from blockchain analysis platform CoinShares. This brings the total inflow this year to an impressive $33.5 billion.
Bitcoin sets the tone with new records and growing inflows
The notable increase was mainly driven by Bitcoin (BTC), which hit a new all-time high of $93,477. This caused the total assets under management (AUM) of crypto funds to rise to $138 billion.
The United States (US) played an important role in this and was responsible for $2.21 billion of the inflow. Other countries such as Hong Kong, Australia and Canada contributed more modestly with $27 million, $18 million and $13 million respectively. In Europe, however, investors in Sweden and Germany opted for profit-taking, leading to outflows of $58 million and $6.8 million.
Bitcoin and Ethereum continue to dominate
Bitcoin products continue to dominate the market with $1.48 billion inflows. Interestingly, short Bitcoin products also saw an increase of $49 million, indicating divided sentiment among investors.
Ethereum (ETH) showed signs of recovery with inflows of $646 million despite earlier challenges in recent months. This recovery may be aided by the proposed Beam Chain upgrade and the outcome of the US elections.
Bitcoin ETFs are rebounding strongly
Bitcoin spot exchange traded funds (ETFs) started the week strong with net inflows of $254.8 million, according to data from Farside Investors. After a significant outflow last Thursday and Friday, with almost $800 million disappearing from the funds, investors appear to be returning.
BlackRock’s IBIT fund led the inflows with $89.3 million, followed by Fidelity’s FBTC fund and Grayscale’s BTC fund with $60 million and $54.4 million, respectively. Since October, Bitcoin funds have attracted an average of $339 million per day, despite occasional outflows. The funds recently reached record highs, including trading volume of $7 billion in a single day.
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Source: https://newsbit.nl/bitcoin-fondsen-breken-record-22-miljard-instroom-in-een-week/
