Cryptocurrency funds post inflows of $184 million last week

abdelaziz Fathi

Cryptocurrency investment products and funds recorded inflows for an eighth straight week, data from digital asset manager CoinShares showed on Tuesday.

Inflows last week into bitcoin and other crypto-based investment products were at $184 million, but Friday’s price weakness led to $40 million outflows that day.

Cryptocurrency funds and products have amassed inflows of $9.1 billion so far this year, significantly greater than the $6.7 billion seen in 2020, but was lower from a record $9.5 billion set back in November.

Breaking down the latest statistics, Coinshares said Bitcoin inflows totaled $145 million last week representing the largest inflows of all digital assets. A record-setting $269 million of capital flows was invested in funds offering exposure to Bitcoin in the third week of October, following the US SEC permitting a Bitcoin futures ETF decision. Marking a long-awaited milestone for the crypto industry, ProShares Bitcoin Strategy ETF began trading under the ticker symbol “BITO.”

Outsized investments were also seen in Ethereum investment products, with inflows coming in at $25 million last week. Ethereum’s market share has suffered in recent months due to Bitcoin’s dominance, but the recent combination of price gains and inflow has seen their AuM rise to a record $20 billion. As a result, Ethereum now represents 32% of the capital locked in crypto investment products.

“Digital asset investment products saw inflows totalling US$184m last week, with prices in Bitcoin falling 7% over the same period, suggesting investors continue to see recent price weakness as a buying opportunity. Although the sharp price weakness at the end week did lead to US$40m of outflows late Friday,” Coinshares states.

CoinShares shares debuted on the OTCQX Market

Other highlights show that Solana saw continued inflows totaling $4.6 million for the week, seemingly unaffected by the recent price jitters. Bitcoin volumes rose to $15 billion for Friday, above the typical $8 billion a day on average for November and December. Blockchain Equity ETPs saw inflows of $75 million for the week.

Coinshares already operates publicly traded crypto exchange-traded-notes (ETNs), which are regulated by the Swedish FSA. Europe’s largest crypto asset manager said trading in its ordinary shares on the OTCQX market, in the US, started on November 20 under the ticker  “CNSRF.”

The cryptoasset investment and research platform believes that having its shares traded on the top tier of OTC markets will provide its investor with many benefits. That includes greater market visibility, easier trading access for US-based investors, and increased liquidity owing to a broader geographic pool of potential investors.

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