Cryptocurrencies post eight straight weeks of inflows - CoinShares data
Cryptocurrency products and funds attracted $226.2 million in investments last week, marking their eighth straight week of inflows, a report from digital asset manager CoinShares showed on Tuesday.
Over an eight-week run, total crypto product inflows hit $638 million, with a year-to-date total of $6.3 billion.
Bitcoin, as expected, led the way, nabbing $225 million, for a fourth straight week of inflows, according to data in the week ended Oct. 8.
“We believe the turnaround in sentiment towards bitcoin is due to constructive statements from SEC chair Gary Gensler, potentially allowing a bitcoin ETF (exchange traded fund) in the U.S.,” wrote James Butterfill, investment strategist at CoinShares, in the report.
At a Financial Times conference a few weeks ago, U.S. Securities and Exchange Commission Chairman Gensler repeated his support for bitcoin ETFs that would invest in futures contracts instead of the digital currency itself.
Bitcoin soared to a five-month high of just under $58,000 on Monday, boosted by persistent institutional demand as it gains legitimacy among investors. On Tuesday, the world’s largest cryptocurrency in terms of market value was last down 3.6% at $55,402.
Reference: Reuters
Thai
Eng