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The influx continues, albeit not at the alarming pace of last week. While there has been a slowdown from Recorded $2.45 billion It was recorded earlier this month, but large amounts of cash were again pumped into cryptocurrency funds last week, a new report explains.
Digital Asset Manager CoinShares Said On Monday, that $598 million last week hit the fund, which gives investors exposure to virtual coins and tokens.
Most of that cash went into high-profile Bitcoin exchange-traded funds (ETFs), specifically BlackRock’s iShares ETF and Fidelity’s WiseOrigin Bitcoin Trust, the report showed.
Image: CoinShares
Securities and Exchange Commission on January 10th approved 10 spot Bitcoin ETFs. With nine stocks currently trading, interest in derivative products has driven up the actual price of the product, with great success. Bitcoin Up.
The apparent drop in flows over the next week doesn’t mean the ETF hype has cooled. James Butterfill, head of research at CoinShares, who wrote the report, said: Decryption Perhaps “weaker than expected macro data” led to the slowdown in inflows.data Appeared Earlier this month, it was shown that inflation was higher than expected in January.
He added that with the exception of Grayscale’s new ETF, investors are still not cashing in on large amounts of money.
With the approval of the Spot Bitcoin ETF, Grayscale’s product has transitioned from operating like a closed-end fund to being an ETF.experienced a major outflowleading to a fall in the price of Bitcoin.
And investors are still putting out money, although less than before, with $436 million leaving the fund last week.
“after that“Inflows from new issuers more than offset outflows from companies,” Butterfill said. “That’s to be expected, and grayscale outflows are still slowing down.”There were also rumors, he added.Today is a big purchase. ”
While most of last week’s inflows were concentrated in the largest cryptocurrency, Bitcoin, $17 million hit the Ethereum fund, which gave the fund exposure. wire mesh and XRP They received $1.8 million and $1.1 million, respectively.
Bitcoin price rose today. High fived It is currently trading at $53,418 per coin, up nearly 4% in 24 hours. according to To CoinGecko.
Edited by Ryan Ozawa.
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