Investors last week pumped a record $ 1.47 billion of fresh money into digital asset investment products, fueled by a crypto rally and the fund launch of the First Bitcoin Futures ETF.
Weekly Crypto Asset Flow Report | The source: CoinShares
According to CoinShares’ weekly crypto asset flow report, the spike in inflows rose when Bitcoin hit an all-time high of $ 66,974 last week.
The previous weekly record was in February when inflows were $ 640 million. Crypto inflows over the past week have brought total capital to $ 8 billion since the start of the year.
Funds focused on Bitcoin account for 99% of the market share of all inflows of all crypto funds. For the past week, bitcoin fund inflows have totaled $ 70 million.
“This is a direct result of the US Securities and Exchange Commission (SEC) authorizing a Bitcoin ETF to invest in futures, and as a result, two Bitcoin ETF investment products are listed,” the CoinShares report said.
On October 15, the SEC approved the first ProShares Bitcoin Strategy ETF, Bitcoin Futures ETF, and the announcement saw the price of Bitcoin rise above $ 60,000 for the first time in 6 months.
On October 19, the ProShares ETF began trading on the New York Stock Exchange under the ticker BITO.
The flow of the altcoins
ETH also hit an all-time high of $ 4,361 last week.
Despite the rise in prices, ETH-focused funds saw outflows for the third week in a row. Outflows from ETH-focused funds totaled $ 1.4 million last week, according to CoinShares.
“This is profit-taking when the price closes at an all-time high,” said CoinShares analysts.
Other altcoins that have seen inflows include Solana (SOL) at $ 8.1 million, Cardano (ADA) at $ 5.3 million, and Binance Coin (BNB) at $ 1.8 million and Polkadot (DOT) for $ 0.4 million.
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According to Coindesk