In summary
- Bitcoin ETFs received a record $3.12 billion in one week, according to CoinShares.
- Annual flows into digital assets reached $37 billion, led by Bitcoin.
- Trump’s victory boosted Cryptocurrency investments and interest in altcoins like Solana.
Investor hunger for Bitcoin last week was seemingly insatiable, with speculators pouring more money than ever into cryptocurrency investment vehicles.
Bitcoin exchange-traded funds (ETFs) were the most popular products, according to a Monday report published by digital asset manager CoinShares, which highlighted that investors pumped the most cash into these vehicles in a period of seven days registered.
In total, $3.12 billion entered the funds from Monday to Friday of last week, CoinShares said. The U.S. Securities and Exchange Commission approved ETFs in January, which allow U.S. investors to easily buy stocks that track the price of Bitcoin through brokerage accounts.
CoinShares tracks funds that give investors exposure to digital assets, from Germany and Switzerland to Hong Kong and Australia. The funds allow people to simply buy shares rather than holding digital currencies and tokens themselves. The report added that interest in digital assets as an asset class has exploded this year.
“Year-to-date money flows now stand at a record $37 billion, driven primarily by Bitcoin,” the report noted, “far outpacing the debut of U.S. gold ETFs, which attracted only $309 million in its first year.”
Bitcoin, the largest and oldest digital asset, is often the main focus of speculators. On Friday of last week it reached a new all-time high of $99,645, but fell short of the $100,000 mark. It is now trading for $95,440, according to CoinGecko.
But investors were also interested in altcoins like Solana, and poured money into European funds that offer exposure to the currency: $16 million flowed into such vehicles, compared to $2.8 million for Ethereum products.
Former President Donald Trump’s victory in the November 5 presidential election has sparked a wave of investment in cryptocurrencies, as he promised during his campaign to help the digital asset industry grow.
Edited by Andrew Hayward
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