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Bitcoin Hit Inflows Record High So Far in This Year
Economy MilkywayBlogs 16-Nov-2021 Comments (5) 87

Bitcoin Hit Inflows Record High So Far in This Year

NEW YORK: Inflows into bitcoin funds and products hit a record of $6.4 billion so far in 2021, data are shown from the digital asset manager of CoinShares. Investors bought cryptocurrency widespread as per the acceptance of government and positive momentum.

 Last week, bitcoin inflows a total of $95 million, which represents digital assets’ largest inflows, during an eight-week bull running for the cryptocurrency were $2.8 billion.

Overall cryptocurrency funds and products posted inflows at the rate of $174 million, as shown by data of CoinShares data in November which was the 12th consecutive week of institutional investor’s flows.

Bitcoin recently jump more than 4 percent to $66,555 and approached $67,016.50  which is the record high of Oct. It underpins the blockchain of Ethereum that touched an all-time peak of $4,796.44.

“The BTC or bitcoin price surge a confirmation of strong market setup incredibly. It was developing throughout October,” Mikkel Morch, executive director at cryptocurrency & digital assets hedge fund ARK36.

Investors poured 31 million dollars into the product and fund of Ethereum last week. Although the market share of Ethereum has been declined recently as the dominance of bitcoin has grown. The combination of strong inflow and positive price performance pushed the asset under management with a record of 20 billion dollars.

A digital platform that mainly focuses on some applications of hosting entertainment inflowed 79 million dollars over in last 7 weeks and made the 8th largest virtual asset in AUM.

AUM at CoinShares and Grayscale are the two largest digital asset managers, which rose last week to 55.67 billion dollars and 5.5 billion dollars, respectively.

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