Bitcoin’s historic price of $18,000 led to a surge in cryptocurrency investment products.
Cryptography exchange-traded products (ETPs) CoinShares recorded inflows of $3.7 billion for the week ended Friday. reported On Monday,
These new gains have further boosted crypto ETPs year-to date (YTD), which has risen to a record high of 22.7 billion dollars, an increase of about 20% over last week’s figure.
Assets under management (AUM), which for the first reached $211 billion, also set a new record.
Bitcoin ETPs are the leading inflows at $2.7 billion
BitcoinBTCETPs led last week’s inflows with $2.7 Billion, or 73%, of the total ETP crypto inflows.
Inflows of multi-billion dollars marked an impressive recovery after last week’s $790 million of inflowsAfter averaging weekly inflows of $1.5 billion during the three previous weeks.
James Butterfill of CoinShares Research suggested investors are becoming more wary as Bitcoin approaches new highs.
Even so, ETP sentiment has only risen as daily Bitcoin inflows have increased. exchange-traded funds (ETFs) After the jump, the stock jumped over $1 billion on day two. BTC printed new all-time highs above $112,000 According to SoSoValue, last Wednesday was the date.
Butterfill said that new Bitcoin ETPs brought the total AUM of Bitcoin ETPs to $179.5 Billion. He added that this AUM was equal to 54% the total gold ETP assets for the very first time.
Inflows to Ether ETPs for 12 weeks in a row
EtherETHETPs have seen inflows of $990m for the 12th week running. According to CoinShares, this was the fourth largest inflows ever.
“In relative terms, Ethereum’s inflows over the past 12 weeks account for 19.5% of its AUM, compared to 9.8% for Bitcoin,” Butterfill remarked:
Related: Bitcoin is rallying on US deficit concerns, not hype: Analyst
However, the XRP (XRPETPs saw the biggest weekly outflows totaling $104 millions, while Solana experienced strong inflows amounting to $92.6 million.
All US-issuers share in the Inflows
BlackRock’s iShares Crypto funds led the way with $2.4 billion, attracting new inflows across US-based issues.
Fidelity Investments (400 million dollars) and ARK Invest (333.9 million dollars), respectively, followed.
CoinShares is one of the European issues that experienced minor outflows. The total for the week was $16 Million.
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Source: cointelegraph.com
