While the Bitcoin (BTC) price is trying to surpass the $83,000 level with its recent major rise, a huge inflow of $1.98 billion was recorded into institutional cryptocurrency funds.$BTC
According to data published by Coinshares, after an inflow of $2.2 billion the previous week, an additional investment of $1.98 billion came to crypto funds this week. It was also stated that a total inflow of $29.2 billion has been made since the beginning of the year, which is a historical peak. Coinshares announced that total fund inflows reached $31.3 billion since the beginning of the year, breaking a record.
Overall Positive Outlook for Spot ETFs
In this period, when investments in spot ETFs generally followed a positive trend, although Grayscale funds experienced a small outflow, BlackRock and Fidelity’s large investments resulted in a total inflow of $1.98 billion. Bitcoin received the majority of these inflows, attracting $1.8 billion in investments. Macroeconomic factors and political developments in the US were influential behind these inflows. Ethereum recorded its largest inflow since July with $157 million.
According to the information in the Coinshares report, most of the major investments were directed to the US, where a total of $1.95 billion was invested in the region. In Europe, Switzerland and Germany saw inflows of $23 million and $20 million, respectively. In addition, due to the price increases experienced last week, the total asset value in the global asset management sector reached an all-time high of $116 billion.
Investment Interest in Altcoins Too
Altcoins also continued to attract investors’ attention. In particular, Solana (SOL) saw inflows worth $3.9 million, Uniswap (UNI) $1 million, Ripple (XRP) $500,000, Cardano (ADA) $100,000, Litecoin (LTC) $200,000, and Tron (TRX) $500,000. In addition, a total of $61 million was invested in blockchain-based stocks.
The cryptocurrency market is drawing attention with data reflecting the strong performance of Bitcoin as well as the increasing interest in altcoins. These developments show that the demand for crypto asset management and investment funds is rapidly increasing.
