2021-10-26 15:31 |
After weeks of slow activity, finally, the inflows in the cryptocurrency industry have come rushing in.
For the week ending October 22, crypto investment products saw record inflows totaling a whopping $1.47 billion, according to CoinShares’ weekly report. The previous weekly record was at $640 mln seen earlier this year in February.
This has been the 10th straight week of inflows as optimism soared with the debut of bitcoin futures ETFs. This also brings in year-to-date inflows to $8 bln, far exceeding the entire 2020 record of $6.7 billion.
Last week, crypto-asset prices also surged, with Bitcoin hitting a new ATH at $67,000 and Ether coming close to surpassing its ATH at $4,380.
With prices rising, total assets under management of asset managers also hit a record of $79.2 billion but ended the week at $76.7 billion.
Grayscale, the largest digital asset manager’s AUM, climbed to $54.6 bln while CoinShares’ AUM went up to $5.2 bln.
Much like the last six weeks in a row, this time as well, Bitcoin accounted for the majority of these inflows. With $1.45 billion flowing in the $1.2 trillion cryptocurrency, its YTD inflows now amount to $6.1 billion.
“Bitcoin hitting new all-time highs shows both how far we've come and the capacity bitcoin has to upend the financial system and create a global economy, linking the developed and emerging markets like never before,” said Ray Youssef, co-founder, and CEO of peer-to-peer fintech platform Paxful.
“While this recent price rally can be attributed to movements like the approval of the first bitcoin ETF for institutional investors, we can't ignore the impact of significant development and adoption in emerging markets,” he added.
This week, for the third time consecutively, Ethereum had outflows, but again it has been minor at $1.4 million. The outflows could be attributed to minor profit-taking as the price stays near ATH above $4,200.
Meanwhile, other cryptos continue to see inflows, with Solana (SOL) recording the highest among altcoins at $8.1 million, bringing in its YTD flows at $130 mln — fourth highest after Bitcoin (BTC), Ether’s (ETH) $1 bln, and $401 mln by multi-asset product.
BTC -2.59%
Bitcoin / USD
BTCUSD
$ 62,041.28
-$1,606.87
-2.59%
Volume 32.09 b
Change -$1,606.87
Open $62,041.28
Circulating 18.86 m
Market Cap 1.17 t
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ETH -1.76%
Ethereum / USD
ETHUSD
$ 4,162.04
-$73.25
-1.76%
Volume 15 b
Change -$73.25
Open $4,162.04
Circulating 118.09 m
Market Cap 491.48 b
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SOL -5.85%
Solana / USD
SOLUSD
$ 204.56
-$11.97
-5.85%
Volume 3.31 b
Change -$11.97
Open $204.56
Circulating 300.96 m
Market Cap 61.56 b
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Last week, Cardano (ADA) and Binance (BNB) also posted notable inflows at $5.3 mln and $1.8 mln, respectively. Litecoin (LTC) meanwhile had $0.6 mln, Polkadot (DOT) $0.4 mln, and both Ripple (XRP) and Bitcoin Cash (BCH) had $0.3 mln in inflows each.
ADA -0.67%
Cardano / USD
ADAUSD
$ 2.16
-$0.01
-0.67%
Volume 2.59 b
Change -$0.01
Open $2.16
Circulating 33.26 b
Market Cap 71.7 b
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BNB -1.46%
Binance Coin / USD
BNBUSD
$ 481.48
-$7.03
-1.46%
Volume 1.35 b
Change -$7.03
Open $481.48
Circulating 166.8 m
Market Cap 80.31 b
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LTC -2.64%
Litecoin / USD
LTCUSD
$ 191.84
-$5.06
-2.64%
Volume 1.98 b
Change -$5.06
Open $191.84
Circulating 68.84 m
Market Cap 13.21 b
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DOT 0.24%
Polkadot / USD
DOTUSD
$ 43.76
$0.11
0.24%
Volume 1.31 b
Change $0.11
Open $43.76
Circulating 987.58 m
Market Cap 43.22 b
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XRP -0.09%
XRP / USD
XRPUSD
$ 1.10
$0.00
-0.09%
Volume 3.12 b
Change $0.00
Open $1.10
Circulating 46.95 b
Market Cap 51.65 b
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BCH -2.43%
Bitcoin Cash / USD
BCHUSD
$ 611.87
-$14.87
-2.43%
Volume 1.22 b
Change -$14.87
Open $611.87
Circulating 18.88 m
Market Cap 11.55 b
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