Cryptocurrencies post record inflows in latest week -CoinShares data

Cryptocurrencies post record inflows in latest week -CoinShares data
Cryptocurrencies post record inflows in latest week -CoinShares data   -   Copyright  Thomson Reuters 2021   -  
By Reuters

<div> <p>By Gertrude Chavez-Dreyfuss</p> <p><span class="caps">NEW</span> <span class="caps">YORK</span> – Cryptocurrency products and funds had record inflows last week to the tune of $1.5 billion, their 10th straight week of investments, as optimism soared with the trading of bitcoin exchange traded funds, a report from digital asset manager CoinShares showed on Monday.</p> <p>Inflows so far this year hit $8 billion, far exceeding the record set for the whole of 2020 of $6.7 billion, the data showed as of the week ended Oct. 22.</p> <p>Total assets under management also hit a new record of $79.2 billion, although it ended the week at $76.7 billion.</p> <p>The bulk of inflows for the sixth straight week went to Bitcoin, with $1.45 billion, data showed. Inflows to the world’s largest cryptocurrency year-to-date amounted to $6.1 billion.</p> <p>The ProShares Bitcoin Strategy <span class="caps">ETF</span> and the Valkyrie Bitcoin Strategy <span class="caps">ETF</span> debuted last week, a defining moment for the crypto industry that is expected to lure more inflows from big institutional investors.</p> <p>That pushed bitcoin to an all-time peak of $67,016.50. It was last up 4.6% at $63,682.</p> <p>“Bitcoin hitting new all-time highs shows both how far we’ve come and the capacity bitcoin has to upend the financial system and create a global economy, linking the developed and emerging markets like never before,” said Ray Youssef, co-founder and chief executive officer of Paxful, a global peer-to-peer fintech platform.</p> <p>“While this recent price rally can be attributed to movements like the approval of the first bitcoin <span class="caps">ETF</span> for institutional investors, we can’t ignore the impact of significant development and adoption in emerging markets,” he added.</p> <p>Ethereum, meanwhile, saw outflows for a third consecutive week totaling $1.4 million. CoinShares believed that the outflows were due to minor profit-taking as the price approaches record highs. Ether, the currency for the Ethereum blockchain, last exchanged hands at $4,224.30, up 3.5%.</p> <p>Other altcoins saw inflows. Solana, Cardano and Binance posted inflows totaling $8.1 million, $5.3 million and $1.8 million, respectively.</p> <p>Assets under management at Grayscale and Coinshares, the two largest digital asset managers, climbed last week to $54.6 billion and $5.2 billion, respectively.</p> <p/> </div>