Bitcoin Update: Crypto fund inflows hit record

Coinciding with Bitcoin’s surge to an all time high of $66,974, investors pumped a record $1.47 billion of new money into digital asset investment products, pushed by bloom of cryptocurrencies and the launch of the first bitcoin futures exchange-traded fund, according to report issued Monday by CoinShares.

Bitcoin-focused funds dominated last week’s inflows, with a 99% share of all inflows into cryptocurrency funds. During the prior week, inflows into bitcoin-focused funds were at $70 million.

This is a direct result of the U.S. Securities and Exchange Commission allowing a bitcoin ETF investing in futures and the consequent listing of two bitcoin investment products.

On 15 October, the SEC approved the first bitcoin futures; the ProShares Bitcoin Strategy ETF, and the announcement drove bitcoin’s price above $60,000 for the first time in six months and on 19 October, the ProShares ETF began trading on the New York Stock Exchange under the ticker symbol BITO.

Ether (ETH), the native cryptocurrency of the Ethereum blockchain also reached an all-time high last week at $4,361 on 21 October.

Although the ETH price climbed, funds focused on the cryptocurrency saw outflows for a third successive week. Outflows from ether-focused funds totaled $1.4 million last week. This is minor profit-taking as the price closes in on all-time highs.

Other altcoins saw inflows including Solana at $8.1 million, Cardano’s ADA currency at $5.3 million and Binance coin (BNB) at $1.8 million.