Bitcoin may have taken a plunge after touching a new all-time high last week—but cash is still rushing into crypto funds at a torrential rate. That’s according to data from European fund manager CoinShares, who said Monday that a new record was broken last week: $2.9 billion entering funds.
The week before, investors had plugged $2.7 billion into the funds which give exposure to digital assets.
Latest figures show that most of the money is still hitting Bitcoin products—in particular, the newly approved spot Bitcoin exchange-traded funds (ETFs), CoinShares said.
BlackRock’s iShares Bitcoin Trust was the winner, with $2.4 billion in inflows.
In January, the U.S. Securities and Exchange Commission in January approved 11 of the investment vehicles.
The products, which trade on stock exchanges and allow people to buy shares that track the underlying price of Bitcoin, have been massively popular, with record inflows receiving week after week.
BlackRock, the world’s biggest asset manager, made headlines last year when it said it would drop a Bitcoin ETF. Since it received the green light from Wall Street’s top regulator in January, its fund has been a roaring success.
CoinShares added in its report that investors pulled large amounts of cash out of other crypto funds, though: $14 million left funds giving exposure to Ethereum, while investors also wanted to pull out of products giving exposure to Solana and Polygon.
Bitcoin’s price last week hit a new all-time high of $73,737, but it has since experienced a pullback and is now trading for $67,9125—down nearly 8% over the past week, CoinGecko data shows.
Ethereum is also down, having dropped by more than 14% over seven days. It’s now priced at $3,493.
Edited by Ryan Ozawa.
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Source: https://decrypt.co/222208/bitcoin-may-be-down-but-demand-isnt-slowing-from-crypto-fund-investors
