Institutional inflows into cryptocurrency products increased last week, as investment managers increased their exposure to Bitcoin (BTC) and major altcoins, according to the latest report from CoinShares.
Total assets held by institutional managers reached $ 72.3 billion for the week ending October 17, the highest level on record. In comparison, lInstitutional holdings of cryptocurrencies were worth $ 57 billion in March and reached USD 71.6 billion in May.
Over the past week, digital asset investment products posted inflows totaling $ 80 million. Bitcoin products attracted the largest investments with $ 70 million, marking the fifth consecutive week of entries. Institutional investors also increased their holdings of Polkadot (DOT) and Cardano (ADA) products by USD 3.6 million and USD 2.7 million, respectively.. Meanwhile, Ether (ETH) products posted minor outflows totaling $ 1 million.
In terms of provider, ETC Group and 21Shares posted the highest weekly entries with USD 63.6 million and USD 19.3 million, respectively. Entries in Grayscale products, representing the largest, flat-line cryptocurrency-centric funds.
Bitcoin is coming off its highest weekly close on record, as the spot price was a surprising distance of $ 63,000 on Friday.. The largest cryptocurrency by market capitalization is rising in anticipation of two futures-based ETFs hitting the market in the near future. The ProShares Bitcoin Strategy ETF is scheduled to begin trading on the New York Stock Exchange on Tuesday.
A listing in Bitcoin ETFs in the United States could attract new investors to the cryptocurrency market by providing them with a familiar and highly regulated vehicle in which to park their assets. ProShares CEO Michael Sapir said Monday that investors have been “eagerly awaiting the launch” of a Bitcoin-centric ETF.
The pent-up demand among traditional investors was reflected in the recently launched Canadian Bitcoin ETFs, which attracted billions of entries shortly after launch. The Purpose Bitcoin ETF, which launched in February, now has $ 1.7 billion in assets under management, according to Bybt data.
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