A visual representation of digital Cryptocurrency, Bitcoin Chesnot/Getty Images
According to CoinShares, $53 million inflows into bitcoin ETFs last week were slower than the record-breaking week before.
With the launch of these vehicles by Valkyrie and ProShares, a record $1.2 Billion was put into bitcoin-futures ETFs.
The inflows to digital-asset investments products have increased by 30% over the previous year.
Last week, institutional investors invested more than $50,000,000 in bitcoin exchange-traded funds. This is a decrease from the $1 billion that was poured into these funds upon their introduction to the market.
The total inflows to the ProShares Bitcoin Strategy ETF and the Valkyrie’s Bitcoin Strategy ETF were $1.24 Billion. However, that record-breaking haul was "not repeated" last week, with $53 Mn going into bitcoin ETFs. This is according to digital asset management firm CoinShares.
CoinShares reported that inflows were also recorded last week for other Canadian and European-based bitcoin exchange-traded products. Trading in VanEck’s Bitcoin Strategy ETF, which is US-based, has begun since the introduction of the first two bitcoin-futures ETFs.
The bitcoin-futures ETFs are a significant development in the cryptocurrency market, whose value has increased to more than $2.5 billion this year. The bitcoin-futures ETFs invest only in future bitcoin prices and do not require that buyers have an account on a cryptocurrency exchange.
Despite a slowdown in weekly inflows, bitcoin products still accounted for the largest share of the $269 million inflows to cryptocurrency vehicles last week. These investments drove bitcoin inflows to $2 billion in October.
Inflows into digital assets products reached $288 million last week. According to CoinShares, the amount led to record inflows this year of $8.7 Billion, 30% more than 2020.
Bitcoin traded at $63,485 on Tuesday, a more than 4 percent increase from the previous session. Two weeks ago, it hit a new record high of $67,000.
