Business News Asia
CoinShares’ cryptocurrency fund has attracted nearly $1.5 billion from investors. After the launch of the first bitcoin ETF futures in the US, many institutional investors have entered the bitcoin ETF, which has reached $640 million and exceeded the annual total of $8 billion, according to weekly statistics.
The huge increase in inflows is related to the United States Securities and Exchange Commission (SEC). They allowed two more Bitcoin ETFs, Valkyrie Investments’ and ETC Group’s CoinShares, which came in second with $111 million.
On the other hand, Ether fell as investors turned to Solana, Cardano.
Bitcoin continues to attract the attention of large sums of money. However, some Altcoins show that investor demand is dwindling. As with Ethereum, the world’s second largest cryptocurrency, investor demand is waning.
CoinShares noted a $1.4 million outflow from its Ethereum fund last week. This was due to investors taking some profits as the price of the underlying cryptocurrency rose to a record high. In addition, the capital moved from Ethereum to other altcoins.
The Spot Market is Open
Wednesday, October 27, 2021