According to new data from CoinShares’ market reports, crypto management firms now hold a record-breaking $72 billion in asset value.
The report also reveals the fifth consecutive week of net increases for bitcoin. In the week following the Oct 18 report, bitcoin inflows totaled $69.9 million. These numbers came in the lead up to the launch of the ProShares Bitcoin ETF — the first bitcoin-linked ETF released in the U.S. market.
“The recent decision by the SEC to allow a futures-based ETF in the United States could prompt further significant inflows in the coming weeks, as U.S. investors begin to add positions,” CoinShares said.
During the week of Oct 15, digital asset investment products saw inflows of $80 million, the majority of which were in bitcoin investments.
This pushed the sum of managed crypto assets to a record-breaking total of $72.32 billion. While bitcoin products increased in popularity, Ethereum and Solana both saw outflows. Ethereum and Solana outflows totaled $900,000 and $300,000 respectively.
Some altcoins on the other hand had a better market performance. Polkadot products attracted the most capital with inflows of $3.6 million. These numbers came soon after the platform announced a set date for its parachain auctions in November. This marks an important milestone for the network, as developers will have the ability to bid in order to build on the Polkadot blockchain.
In addition to Polkadot, Cardano-backed products had inflows of $2.7 million.
Hungry for crypto
As shown in Coinshares’ recent report, the crypto space has seen major investments in the past few months. Investors are not just individuals, but major companies such as Tesla and Square.
Back in September during a persistent dip in the price of Bitcoin, investors piled in. During this time, the number of addresses with small positions in the 0.01-1 BTC range grew. However, crypto bull Mike Novogratz warned crypto-hungry investors not to get “too excited” over the price drop.
Despite the warnings, investors rushed back into bitcoin in time for its current spike toward its all-time high level.