Investors led a new record of $1.47B of new money into the digital asset investment products prior week, driven by a rally in crypto and the dispatch of the first ever bitcoin futures exchange traded fund, as indicated by report shared by CoinShares on Monday.
The increment in streams came as bitcoin (BTC), the world’s biggest cryptocurrency by market capitalization, flooded to an unsurpassed high of $66,974 last week. The past week by week record came in February when inflows totaled $640 million. The previous week’s inflows into crypto funds pushed the year-to-date total to $8 billion.
BTC Focused Funds Ruled Last Week’s Inflows
Bitcoin-focused funds ruled last week’s inflows, with an almost 100% share of all inflows into cryptocurrency funds. During the earlier week, inflows into bitcoin-focused funds were at $70 million.
This is an immediate consequence of the U.S. Securities and Exchange Commission (SEC) permitting a bitcoin ETF investing in futures and the subsequent posting of two bitcoin investment items, said a report by CoinShares. This is minor profit-taking as the value surrounds untouched highs, said the report.
The SEC approve the initial bitcoin futures ETF on Oct. 15, also, the ProShares BTC Strategy ETF, and the declaration led Bitcoin’s value above $60,000 for the first time in 6 months. The ProShares ETF started exchanging on the New York Stock exchange on Oct. 19, under BITO, the ticker symbol. Several other altcoins saw great inflows like Cardano’s ADA token at $5.3M, Solana’s SOL at $8.1M, and Binance Coin BNB at $1.8M.
The native crypto of the Ether Blockchain, the second largest cryptocurrency, Ethereum, also hit an all-time high at $4,361, last week on October 21. However, the ether price surge, crypto focused funds saw outflows for the thirs continuous week. As per CoinShares, outflows from ETH-focused funds totaled around $1.4M last week.
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