The US government shutdown drove a surge in the spot market for cryptos, resulting in the highest weekly cryptocurrency inflows ever recorded.
The global crypto exchange-traded products (ETPs) recorded $5.95 billion of inflows in the week ending Friday — the largest inflows ever seen — CoinShares reported On Monday,
“We believe this was due to a delayed response to the FOMC [Federal Open Market Committee] interest rate cut, compounded by very weak employment data […], and concerns over US government stability following the shutdown,” James Butterfill said that CoinShares head of research James Butterfill.
Bitcoin (or cryptocurrencies) was seen to be a winner in the crypto markets.BTC( registering an a new historic high above $125,000 This Saturday
Bitcoin ETPs smash records
The crypto ETPs exceeded the $5.95 Billion mark in their initial investment. previous $4.4 billion record From mid-July, by 35%.
The previous records inflows were distributed almost evenly between Bitcoin and Ether.ETHBitcoin Funds attracted a record $3.6 billion.
“Despite prices closing in on all-time highs during the week, investors did not choose to buy short investment products,” CoinShares Butterfill noted
Butterfill reported that Ether ETPs had inflows of $1.48billion, bringing the year-to date inflows up to $13.7billion, almost triple what they were last year.
According to the record inflows in the crypto fund industry, the total assets managed (AUM), reached a new peak of $254.4 Billion.
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Source: cointelegraph.com
