Cryptocurrencies post eight straight weeks of inflows

© Reuters. A illustration of the digital cryptocurrency Ethereum is seen amongst representations of different cryptocurrencies on this image illustration taken June 14, 2021. REUTERS/Edgar Su/Illustration

By Gertrude Chavez-Dreyfuss

NEW YORK (Reuters) – Cryptocurrency merchandise and funds attracted $226.2 million in investments final week, marking their eighth straight week of inflows, a report from digital asset supervisor CoinShares confirmed on Tuesday.

Over an eight-week run, whole crypto product inflows hit $638 million, with a year-to-date whole of $6.3 billion.

, as anticipated, led the best way, nabbing $225 million, for a fourth straight week of inflows, in accordance with knowledge within the week ended Oct. 8.

“We imagine the turnaround in sentiment in the direction of bitcoin is because of constructive statements from SEC chair Gary Gensler, doubtlessly permitting a bitcoin ETF (trade traded fund) within the U.S.,” wrote James Butterfill, funding strategist at CoinShares, within the report.

At a Monetary Occasions convention a couple of weeks in the past, U.S. Securities and Change Fee Chairman Gensler repeated his help for bitcoin ETFs that will put money into futures contracts as a substitute of the digital foreign money itself.

Bitcoin soared to a five-month excessive of just below $58,000 on Monday, boosted by persistent institutional demand because it good points legitimacy amongst traders. On Tuesday, the world’s largest cryptocurrency by way of market worth was final down 3.6% at $55,402.

Since a low of $28,600 hit in June, bitcoin has gained about 88% of its worth.

Blockchain knowledge supplier Glassnode, in its newest analysis notice, mentioned bitcoin skilled a lift in community exercise within the first week of October, suggesting new demand is starting to enter within the fourth quarter.

As well as, Glassnode mentioned the constructive sentiment and constructive worth motion has additionally began to creep again into the derivatives markets amid climbing open curiosity and rising swap funding charges.

, in the meantime, noticed minor outflows totaling $14 million, knowledge confirmed, because it continues to lose market share to bitcoin. Its market share has fallen 1% to 24% of belongings beneath administration within the final week alone.

Different altcoins akin to solana and cardano posted inflows of $12.5 million and $3 million, respectively, knowledge confirmed. Whereas different digital tokens, particularly polkadot, ripple and litecoin posted outflows.

Property beneath administration at Grayscale and Coinshares, the 2 largest digital asset managers, climbed final week to $48.4 billion and greater than $5 billion, respectively.

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