Bitcoin, Ethereum, Dogecoin, Ripple, and Litecoin cryptocurrency representations can be found on the PC motherboard in this figure taken on June 29, 2021. REUTERS / Dado Ruvic / Illustration

October 4, 2021

Gertrude Chavez by Dreyfuss

New York (Reuters) – Investment products and cryptocurrency funds posted entries for the seventh week in a row as institutional investors warmed in a more favorable statement from regulators, according to data from the manager of CoinShares digital assets. Presented on Monday.

Entries to the sector totaled $ 90.2 million last week, with Bitcoin stealing $ 69 million, according to CoinShares data as of October 1. In the past seven weeks, cryptocurrency inflows have reached $ 390 million. The collection in 2021 amounted to 6.1 billion dollars.

Bitcoin recorded an influx for the third week in a row.

James Butterfill, Investment Strategist at CoinShares, said:

At the Financial Times conference last week, SEC Chairman Gary Gensler reiterated his support for Bitcoin exchange-traded funds, which invest in futures rather than the digital currency itself.

The next day, Federal Reserve Chairman Jerome Powell said in a preparatory statement that the Federal Reserve did not intend to ban cryptocurrencies.

Bitcoin hit a four-week high of just under $ 50,000 on Monday, up 2.3% to $ 49,333.

Blockchain data provider Glassnode said in its latest research note on Monday that around 10.3% of its circular supply returned to unrealized profits as Bitcoin recovered from its narrow trading range last week.

Meanwhile, Ethereum products and funds have gained a total of $ 20 million in entries for an additional week, despite an increase in Bitcoin’s market share in recent weeks. The influx of Ethereum blockchain tokens into Ethereum has reached $ 1 billion so far this year.

Ether ultimately fell 0.4% to $ 3,403.

Yet despite a series of weekly inflows of crypto products, last week’s volume was only $ 2.4 billion, according to CoinShares data, up from $ 8.4 billion in May 2021.

The assets under management of the two largest digital asset managers, Grayscale and Coinshares, increased to $ 41.1 billion and $ 4.6 billion, respectively, last week.

(Report by Gertrude Chavez-Dreyfuss, edited by Richard Pullin)

Bitcoin-led cryptocurrency has shown surge for 7 consecutive weeks – CoinShares data

Source link Bitcoin-led cryptocurrency has shown an influx for 7 consecutive weeks – CoinShares data

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