Bitcoin Dominates Weekly Cryptocurrency Investments With 99% Share In Eighth Week Of Influx

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The second largest crypto Ethereum registered minor outflows worth $ 14 million last week.

Crypto investors continue to bet on cryptocurrencies, as crypto assets and funds recorded the eighth consecutive week of inflow with $ 226.2 million last week, according to data shared in the Weekly Report of the digital asset management company CoinShares on digital asset fund streams. Investments last week took the eight-week streak of entries to $ 638 million, while year-to-date inflows stood at $ 6.3 billion. Total assets under management (AuM) of global digital assets stood at $ 66.7 billion, up from $ 34.5 billion as of January 8, 2021. In fact, total AuM is now only 5% of the all-time high of $ 67 billion owed. recent positive price development.

Among all digital assets, Bitcoin led the entry tally with a 99.4% share of the total investment. Entries into Bitcoin amounted to $ 225 million while its assets under management stood at $ 45.7 billion, followed by $ 12.5 million of entries into Solana which totaled $ 119 million of active. “We believe the shift in sentiment towards Bitcoin is due to constructive statements by SEC Chairman Gary Gensler potentially allowing a Bitcoin ETF in the United States. Our recent survey data also points to greater institutional participation in the asset class, ”said James Butterfill, Investment Strategist, CoinShares.

Also Read: Bitcoin Rally: King of Crypto Breaks $ 57,000 Bar for First Time in Five Months

On the other hand, the second largest crypto Ethereum recorded minor exits worth $ 14 million. The digital asset continued to lose market share to Bitcoin, dropping from 1% decline to 24% AuM in the last week alone, ”added Butterfill. Ethereum had assets under management worth $ 16 billion. Outside of Solana, Cardano saw inflows of $ 3 million while Bitcoin Cash registered inflows of $ 0.3 million, “suggesting that the focus is not entirely on Bitcoin.” Other altcoins, including Polkadot, Ripple, and Litecoin, couldn’t do much with outflows of $ 2.1 million, $ 0.6 million, and $ 0.2 million respectively.

The chairman of the United States Securities and Exchange Commission (SEC), Gensler, told the Financial Times a few weeks ago that “cryptocurrency and decentralized finance (DeFi) platforms pose a challenge to regulators because they exist without traditional brokers, to whom the laws can be easily enforced. Instead, they provide opportunities for investors to deal more directly with each other. “

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