Key Takeaways
- Since the beginning of this year, the total inflow of cryptocurrency has amounted to a cumulative value of 8 billion dollars, surpassing last year's record of 6.7 billion dollars.
- The report shows that 99% of the total inflow during the previous week was for Bitcoin, meaning it has a total inflow of 1.45 billion dollars.
- Ethereum saw an outflow for straight three weeks totalling $1.4 million.
The week also saw the largest influx, surpassing the previous weekly record of 640 million dollars set in February, according to a Coinshare news item on Monday.
According to figures for the third week of October, the total inflow of cryptocurrencies surpassed the previous year's record of 6.7 billion dollars. The total assets under control also hit a record high of 79.2 billion dollars, albeit it ended the week at 76.7 billion.
The SEC approved a bitcoin ETF financing in futures and listed two BTC investment products, according to the article.
Proshare Bitcoin Strategy ETF launched on October 19, becoming the second most traded fund ever; Valkyrie Bitcoin Strategy ETF launched on October 21.
The study also reveals that Bitcoin received 99 percent of the entire influx over the previous week, totaling 1.45 billion dollars. However, several current investment products saw outflows, indicating profit-taking.
During the previous week, Bitcoin reached over $66k, a 50% rise in one month, while the S&P 500 grew just 4%.
According to Adam James of OKEx Insight, the crypto community has been anticipating this for a long time. Although Proshare Services is a futures-based ETF, it represents a historical milestone for the original virtual currency.
Other virtual currencies grew in value also. Solana had the most influx of $8.1 million, followed by Cardano ($5.3 million) and Binance ($1.8 million).
During the same period, Ethereum, the second most popular crypto, lost $1.4 million in three weeks. Coinshare said that small profit-taking as ATHs approach is the cause.
How much more Bitcoin ETF money do you think will be invested before the year is over, given the current influx?
