Traders pumped a report $1.47 billion of latest cash into digital asset funding merchandise final week, fueled by a rally in cryptocurrencies and the launch of the primary bitcoin futures exchange-traded fund, a report Monday by CoinShares confirmed.
The rise in flows got here as bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, surged to an all-time excessive of $66,974 final week.
The earlier weekly report got here in February, when inflows totaled $640 million. The previous week’s inflows into crypto funds pushed the year-to-date whole to $8 billion.
Bitcoin-focused funds dominated final week’s inflows, with a 99% share of all inflows into cryptocurrency funds. In the course of the prior week, inflows into bitcoin-focused funds had been at $70 million.
“It is a direct results of the U.S. Securities and Change Fee (SEC) permitting a bitcoin ETF investing in futures and the resultant itemizing of two bitcoin funding merchandise,” stated a report by CoinShares.
On Oct 15, the SEC permitted the primary bitcoin futures ETF, the ProShares Bitcoin Technique ETF, and the announcement drove bitcoin’s worth above $60,000 for the primary time in six months.
On Oct. 19, the ProShares ETF started buying and selling on the New York Inventory Change beneath the ticker image BITO.
Ether fund flows
Ether (ETH), the native cryptocurrency of the Ethereum blockchain, the world’s second-largest, additionally reached an all-time excessive final week at $4,361 on Oct. 21.
Though the ETH worth climbed, funds targeted on the cryptocurrency noticed outflows for a 3rd consecutive week. Outflows from ether-focused funds totaled $1.4 million final week, in keeping with CoinShares.
“That is minor profit-taking as the worth closes in on all-time highs,” stated the report.
Different altcoins noticed inflows together with solana (SOL) at $8.1 million, Cardano’s ADA foreign money at $5.3 million and Binance coin (BNB) at $1.8 million.