As investment managers increased their exposure to Bitcoin, institutional funds flowing into cryptocurrency products increased last week (Bitcoin) And leading altcoins, according to the latest CoinShares report.
As of the week of October 17, the total assets held by institutional managers reached 72.3 billion U.S. dollars, the highest level on record. By comparison, Institutional crypto assets worth 57 billion U.S. dollars In March, it reached USD 71.6 billion in May.
In the past week, the total inflow of digital asset investment products was 80 million U.S. dollars. Bitcoin products attracted the largest investment, reaching 70 million U.S. dollars, which is the fifth consecutive week of inflows. Institutional investors also increased their holdings of Polkadot (point) And Cardano (Have) Products decreased by USD 3.6 million and USD 2.7 million respectively. At the same time, ether (Ethereum) There was a small outflow of products, totaling USD 1 million.
On the supplier side, ETC Group and 21Shares had the largest weekly inflows, with USD 63.6 million and USD 19.3 million respectively. Inflows to gray products (representing the largest cryptocurrency-focused fund) remained flat.
Bitcoin is leaving Highest weekly closing price on record, Because the spot price was close to $63,000 on Friday.The largest cryptocurrency by market capitalization rises due to expectations Two futures ETFs listed in the near future. The ProShares Bitcoin Strategy ETF is scheduled to start trading on the New York Stock Exchange on Tuesday.
Bitcoin ETFs listed in the United States can attract new investors to the cryptocurrency market by providing them with a familiar and highly regulated tool to store their assets. Michael Sapir, CEO of ProShares Said On Monday, investors have been “eagerly waiting” for the launch of a Bitcoin-focused ETF.
The recently launched Canadian Bitcoin ETF reflects the pent-up demand of traditional investors. The ETF attracted billions of inflows shortly after its launch. The target Bitcoin ETF launched in February now manages $1.7 billion in assets, according to Bybt data.