Crypto Funds Have Seen Record Investment Inflow in Recent Weeks

Crypto Funds Have Seen Record Investment Inflow in Recent Weeks
(nexus 7/Shutterstock)

Last week, as bitcoin broke its all-time price high, institutional investors poured the second highest amount on record into cryptocurrency funds.

According to a citing data from digital asset manager CoinShares on Monday, large scale cryptocurrency funds saw an inflow of $429 million last week alone. The largest-ever weekly inflow was $468 million seen three weeks ago.

The data showed the sector jumped to an all-time high of $15 billion in assets under management (AUM) for the year so far. By comparison, there was $2.57 billion in AUM at the close of 2019. So far, has attracted $4 billion inflows in 2020.

Bitcoin hit an all-time high of $19,920 on Dec. 1 in a sharp rally likely fueled by listed firms in the cryptocurrency, a and bullish .

“We have seen a decisive shift from enquiries of a speculative nature to those that begin with comments such as, ‘bitcoin is here to stay, please help us understand it’,” James Butterfill, investment strategist at CoinShares, told Reuters.

Butterfill also noted that the level of interest is so high, bitcoin is likely only on “the cusp” of institutional adoption.

Bitcoin and associated investment products were the most popular out of the cryptocurrency options among bigger investors last week. The top cryptocurrency by market value took the lion’s share of the total AUM at around 334.7 million out of the $429 million across all crypto assets.

Ether came in second place during the same period. It attracted around $87.1 million, likely from investors wanting exposure ahead of the Ethereum network’s launch of the and bullish .

SBI Teams Up With Swiss SIX Exchange to Offer Institutional Crypto Services in Singapore

Previous

Singapore’s National Research Foundation Invests $9M in Blockchain Innovation

Next

More