New York: Cryptocurrency products and funds raised $ 226.2 million in inflows last week, marking the eighth straight week of inflows, a report from digital asset manager CoinShares said Tuesday.
Over the course of eight weeks, the total inflow of cryptocurrency products reached $ 638 million, bringing the year-to-date total to $ 6.3 billion.
As expected, Bitcoin earned $ 225 million in inflows for the fourth straight week, according to data for the week ending October 8.
In a report, CoinShares investment strategist James Butterfill said, “The recovery of sentiment towards Bitcoin is due to a constructive statement from SEC Chairman Gary Gensler, a Bitcoin ETF (Exchange Traded Fund) in the United States. I think we may allow it. “
At the Financial Times meeting a few weeks ago, Gensler, chairman of the US Securities and Exchange Commission, reiterated his support for Bitcoin ETFs, which invest in futures contracts rather than the digital currency itself.
Bitcoin soared on Monday to just below its five-month high of $ 58,000. This was driven by continued institutional demand as it gained legitimacy among investors. On Tuesday, the world’s largest cryptocurrency in terms of market value finally fell 3.6% to $ 55,402.
Since the low of $ 28,600 in June, Bitcoin has earned about 88% of its value.
Blockchain data provider Glassnode said in its latest research note that Bitcoin experienced an increase in network activity in the first week of October, suggesting that new demand is starting to enter the fourth quarter. increase.
In addition, positive sentiment and constructive price behavior have also begun to sneak into the derivatives market amid rising open interest and rising swap funding.
Meanwhile, Ethereum continued to lose market share in Bitcoin, resulting in a total minor outflow of $ 14 million. Its market share fell from 1% to 24% of assets under management last week alone.
Data show that other altcoins such as Solana and Cardano recorded inflows of $ 12.5 million and $ 3 million, respectively. Other digital tokens, namely Polkadot, Ripple and Litecoin, recorded spills.
Assets under management of the two largest digital asset managers, Grayscale and Coinshares, rose to $ 48.4 billion and more than $ 5 billion, respectively, last week.
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