Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Bitcoin inflows hit record high so far in 2021 -CoinShares data

EconomyNov 08, 2021 03:32PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
2/2 © Reuters. FILE PHOTO: Advertisements for crypto exchange show a Bitcoin symbol at Mass Transit Railway (MTR) station, in Hong Kong, China. October 27, 2021. REUTERS/Tyrone Siu 2/2

By Gertrude Chavez-Dreyfuss

NEW YORK (Reuters) - Inflows into bitcoin products and funds have hit a record $6.4 billion so far this year, data from digital asset manager CoinShares showed, as investors bought the cryptocurrency on more widespread government acceptance and positive momentum.

Bitcoin inflows totalled $95 million last week, representing the largest inflows of all digital assets, while inflows during an eight-week bull run for the cryptocurrency were $2.8 billion, the CoinShares data showed on Monday.

Overall cryptocurrency products and funds posted inflows of $174 million, CoinShares data as of Nov. 5 showed, in a 12th consecutive week of flows from institutional investors.

Bitcoin jumped more than 4% to as high as $66,555 on Monday, approaching the $67,016.50 record high of Oct. 20, while ether, which underpins the Ethereum blockchain, touched an all-time peak of $4,796.44.

"The BTC (bitcoin) price surge is just a confirmation of an incredibly strong market setup that has been developing throughout October," Mikkel Morch, executive director at crypto and digital assets hedge fund ARK36, said.

"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."

Investors also poured $31 million into Ethereum products and funds last week. Although Ethereum's market share has declined in recent months as bitcoin's dominance has grown, a recent combination of positive price performance and strong inflow pushed its assets under management to a record $20 billion.

Tron, a digital platform focused on hosting entertainment applications, had inflows of $79 million over the last seven weeks, making it the 8th largest virtual asset in terms of AUM.

AUM at Grayscale and CoinShares, the two largest digital asset managers, rose last week to $55.67 billion and $5.5 billion, respectively.

Bitcoin inflows hit record high so far in 2021 -CoinShares data
 

Related Articles

USDC flips Tether on the Ethereum network
USDC flips Tether on the Ethereum network By Cointelegraph - Jan 19, 2022

Circle’s USD Coin (USDC) has reached a major milestone by surpassing Tether (USDT) in total supply on the Ethereum network. USDC’s current supply on Ethereum as of...

Cardano Falls 10% In Bearish Trade
Cardano Falls 10% In Bearish Trade By Investing.com - Jan 19, 2022

Investing.com - Cardano was trading at $1.4023 by 00:48 (05:48 GMT) on the Investing.com Index on Wednesday, down 10.10% on the day. It was the largest one-day percentage loss...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email