2021 records strong crypto investment as YTD inflows reach $8.9B
Cryptocurrency funds for the week ending November 5 saw inflows exceeding $174 million. The inflows have resulted in year-to-date (YTD) inflows totaling $8.9 billion, a significant rise from last year’s $6.7 billion.
As per the recent CoinShares weekly report, the total assets under management have also recorded a peak of $80 billion. Of the data, Bitcoin funds stood at approximately $53 billion, and Ether recorded about $20 billion.
This week marked the 12th consecutive week of digital asset investment products inflows. Bitcoin surpassed $95 million in inflows this week, with the total YTD inflows reaching $6.4 billion.
Moreover, the week reported better gains for Ethereum as well after the largest altcoin recorded $31 million in inflows. Ethereum recently reached its ATH of $4,839 on November 9, 6:00 AM UTC.
“Ethereum’s market share has suffered in recent months due to Bitcoin’s dominance, but the recent combination of positive price performance and inflow has seen their AuM rise to a record US$20bn,” CoinShares report noted.
Bitcoin, once again, outperformed other altcoins given the recent developments in the ecosystem. Investments in the crypto industry were at an all-time high this year, along with the launching of the first Bitcoin ETF.
Meanwhile, Altcoins also performed well last week. Polkadot (DOT) hit a record $9.6 million in inflows, Solana (SOL) inflows stood at $8.5 million, and Cardano (ADA) recorded $5 million.
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OhNoCryptocurrency via https://www.ohnocrypto.com/ @Gauri Bhatia, @Khareem Sudlow