Crypto fund inflows hit a new high of $1.5 billion
According to a study released on Monday, investors poured a record $1.47 billion into digital asset investment products last week, propelled by a surge in cryptocurrencies and the introduction of the first bitcoin futures exchange-traded fund.
Last week, Bitcoin (BTC), the world’s most valuable cryptocurrency by market capitalization, soared to an all-time high of $66,974.
In February, inflows totaled $640 million, setting a new weekly high. The inflows into crypto funds over the last week have brought the year-to-date total to $8 billion.
Bitcoin-focused funds dominated last week’s inflows, accounting for 99 percent of all cryptocurrency fund inflows. Inflows into bitcoin-focused funds totaled $70 million in the previous week.
According to the report, “this is a direct effect of the US Securities and Exchange Commission (SEC) approving a bitcoin ETF to invest in futures and the subsequent listing of two bitcoin investment products.”
The SEC authorized the ProShares Bitcoin Strategy ETF, the first bitcoin futures ETF, on October 15, pushing bitcoin’s price above $60,000 for the first time in six months.
The ProShares ETF, which trades under the ticker name BITO, debuted on the New York Stock Exchange on October 19th.
Ether fund flows
On Oct. 21, Ether (ETH), the native cryptocurrency of the Ethereum blockchain, the world’s second-largest, also hit an all-time high of $4,361.
Despite the fact that the price of Ethereum increased, funds focusing on the cryptocurrency witnessed outflows for the third week in a row. According to bitdenex, outflows from ether-focused ETFs totaled $1.4 million last week.
“As the price approaches all-time highs, this is small profit-taking,” the report stated.
Solana (SOL) received $8.1 million in inflows, Cardano’s ADA currency received $5.3 million, and Binance coin (BNB) received $1.8 million.