The cryptocurrency investment boom has not subsided, with capital inflows reaching a record $9.5 billion in the first 11 months of this year

Time:2022-01-11 Source: 820 views Trending Copy share

Institutional investors have poured into cryptocurrency products and funds despite falling prices over the past few weeks, with record inflows in the first 11 months of the year, data from digital asset management firm CoinShares showed on Monday.

Funds flowing into the industry totaled $9.5 billion as of Nov. 26, an all-time high. In 2020, Bitcoin inflows totaled $6.7 billion.

This week, inflows reached $306 million.

Bitcoin saw its biggest inflow in five weeks, totaling $247 million, following the launch of another investment product in Europe, according to CoinShares.

According to media reports, Invesco has launched a Bitcoin ETP in Europe. Asset manager WisdomTree has also listed three cryptocurrency basket ETPs on the Swiss stock exchange SIX and Brse Xetra.

According to CoinShares, Bitcoin has been inflows for 11 consecutive weeks, with total funds reaching $2.7 billion.

Last week, bitcoin prices fell 2.3% after falling 10.4% in the previous week. Bitcoin fell nearly 9% on Friday as investors fretted about the impact of the coronavirus variant, Omicron.

Ruud Feltkamp, head of Cryptohopper, said: “Inflation is skyrocketing and people are looking for more ways to manage their money other than saving. I think it won’t be long before investors realize this is a relatively cheap time to buy. We Still in a bull cycle, I think rising inflation will lead to more allocations to stocks and cryptocurrencies.”

Meanwhile, ethereum-based products and funds saw inflows for the fifth week in a row, reaching $23 million.

CoinShares also announced that the company has also been tracking blockchain equity ETPs, which currently have $3.7 billion in assets under management. These ETPs saw inflows of $20 million last week, and year-to-date inflows totaled $2 billion.

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