See More

Market Sees $174M in Crypto Investment During Twelfth Straight Week of Inflows

2 mins
Updated by Ryan Boltman
Join our Trading Community on Telegram

In Brief

  • Inflows into digital asset investment products continued for the twelfth straight week, amounting to $174 million, according to the latest CoinShares report.
  • With a total amount of $95 million, Bitcoin-based investment products saw the largest inflows of all digital assets.
  • Meanwhile, the performances of investment products based on Ethereum and other altcoins also fared well.
  • promo

Inflows into digital asset investment products continued for the twelfth straight week, amounting to $174 million, according to the latest CoinShares report.

This latest amount brings the year-to-date total of inflows to $8.9 billion, already over 30% more than the total amount of $6.7 billion for 2020. Total assets under management (AuM) have additionally reached a new all-time high of $80 billion.

With a total amount of $95 million, Bitcoin-based investment products saw the largest inflows of all digital assets. Over the past 8-week bull-run inflows have amounted to $2.8 billion, while year-to-date inflows have reached a record $6.4 billion.

“The BTC price surge is just a confirmation of an incredibly strong market setup that has been developing throughout October,” said executive director at crypto and digital assets hedge fund ARK36 Mikkel Morch. ”As bitcoin exchange balance is at a three-year low while long-term holder supply is at an all-time high, there are simply too few bitcoins available to keep up with the demand.”

Ethereum and altcoins

Meanwhile, the performances of investment products based on Ethereum and other altcoins also fared well. With a renewed positive sentiment that saw it achieve successive all-time highs, Ethereum saw inflows totaling $31 million last week. Although Ethereum’s market share has suffered recently due to Bitcoin’s dominance, AuM has still risen to a record $20 billion, spurred by the recent positive price performance.

Other popular altcoins that saw notable inflows from Polkadot, Solana and Cardano totaling $9.6 million, $8.5 million and $5 million respectively. Polkadot’s inflows last week represent the largest weekly on record. Additionally, Tron has seen inflows totaling $79 million over the last 7 weeks, which has made it the 8th largest crypto by AuM.

New all-time highs

As mentioned above, enthusiasm for Ethereum has picked up again recently, resulted in successive all-time highs, which had started on October 29. Continuing this trend twice last week, ETH has done it again as recently as yesterday, reaching $4,825. Along with Ethereum, Bitcoin also achieved a new record, surpassing $68,500, just weeks after hitting its new all-time high.

What do you think about this subject? Write to us and tell us!

Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024

Trusted

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

photo_Nick.jpg
Nicholas Pongratz
Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU. He has been writing about cryptocurrency and blockchain technology since 2018, and is intrigued by its potential economic and political usage.
READ FULL BIO
Sponsored
Sponsored