Bitcoin-led cryptocurrency posted inflow for 7 consecutive weeks – CoinShares data

Cryptocurrency Representations Bitcoin, Ethereum, Dogecoin, Ripple and Litecoin are located on the PC motherboard in this figure taken on June 29, 2021. REUTERS / Dado Ruvic / Illustration

October 4, 2021

Gertrude Chavez-by Dreyfuss

New York (Reuters) – Cryptocurrency investment products and funds recorded inflows for the seventh straight week as institutional investors warmed up in a more supportive statement from regulators, data from digital asset manager CoinShares said. Shown on Monday.

Inflows into the sector were $ 90.2 million last week, with Bitcoin robbing $ 69 million, according to CoinShares data as of October 1. Over the past seven weeks, cryptocurrency inflows have reached $ 390 million. Inflows in 2021 totaled $ 6.1 billion.

Bitcoin recorded an inflow for the third straight week.

James Butterfill, an investment strategist at CoinShares, said:

At the Financial Times conference last week, SEC Chairman Gary Gensler reiterated his support for Bitcoin exchange-traded funds, which invest in futures contracts rather than the digital currency itself.

The next day, Federal Reserve Chairman Jerome Powell said in a pre-parliamentary statement that the Federal Reserve had no intention of banning cryptocurrencies.

Bitcoin on Monday hit a high of just under $ 50,000 in four weeks, up 2.3% to $ 49,333.

Blockchain data provider Glassnode said in its latest research note on Monday that about 10.3% of its circular supply returned to unrealized profits as Bitcoin recovered from its narrow trading range last week.

Meanwhile, Ethereum products and funds have gained a total of $ 20 million inflows for another week, despite gaining market share in Bitcoin in recent weeks. The influx of Ethereum blockchain tokens into Ethereum has reached $ 1 billion so far this year.

Ether finally fell 0.4% to $ 3,403.

Still, despite a series of weekly inflows across crypto products, last week’s volume was as low as $ 2.4 billion, according to CoinShares data compared to $ 8.4 billion in May 2021.

Assets under management of the two largest digital asset managers, Grayscale and Coinshares, increased to $ 41.1 billion and $ 4.6 billion, respectively, last week.

(Report by Gertrude Chavez-Dreyfuss, edited by Richard Pullin)