Cryptocurrencies Post Eight Consecutive Weeks Of Inflows

Digital asset manager CoinShares reported Tuesday that cryptocurrency products and funds made investments worth $226.2 million last week, marking the eighth consecutive week of inflows.

In the last eight weeks, total inflows of crypto products rose to $638 million, up from $6.3 billion a year earlier.

As expected, the data, which ended on October 8, showed Bitcoin leading the inflows for the fourth week in a row, at $225 million.

Ethereum, by contrast, reported small outflows of $14 million as it continues to lose market share to bitcoin, with its market share falling 1% to 24% of assets under management in the last week alone.

Other altcoins like solana and cardano recorded inflows of $12.5 million and $3 million, respectively. Other digital tokens such as polkadot, ripple and Litecoin also recorded outflows.

At a Financial Times conference a few weeks ago, U.S. Securities and Exchange Commission Chairman Gary Gensler, reiterated his support for bitcoin ETFs that would invest in future contracts, rather than in the actual digital currency itself.

Bitcoin surged to a five-month high of under $58,000 on Monday, boosted by robust institutional demand that has given it legitimacy among investors, and has gained 88% of its value since hitting a low of $28,600 in June.

IT World Canada Staff
IT World Canada Staff
The online resource for Canadian Information Technology professionals.

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