Connect with us

Popular World News

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

U.S. Treasury says G7 expected to endorse U.S. global minimum tax proposal By Reuters

ECONOMIC NEWS

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

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. 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 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.
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.


Source link

Continue Reading
You may also like...
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

More in ECONOMIC NEWS

To Top
error: Content is protected !!
Top