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Yuichiro Chino
- Crypto assets under management hit a record $72.32 billion in the week to Friday ahead of this week’s ETF launch, CoinShares said.
- Bitcoin saw inflows of $69.6 million in the latest week, the fifth week in a row of net increases.
- ProShares’ Bitcoin Strategy ETF backed by bitcoin futures starts trading on Tuesday.
- Sign up here for our daily newsletter, 10 Things Before the Opening Bell.
Institutional investors now hold a record amount of crypto assets under management, after a fifth straight week of inflows into bitcoin-backed products ahead of the launch of the world’s first futures ETF, according to weekly data from CoinShares on Tuesday.
In the week to October 15, total assets under management reached a record $72.32 billion, driven mostly by an inflow of $69.6 million into bitcoin, marking the fifth straight week of flows into the world’s largest cryptocurrency, CoinShares said.
Last week investors poured $225 million into bitcoin backed products, the most in seven months, as they awaited the approval of a bitcoin ETF by the Securities and Exchange Commission.
ETF provider ProShares’ Bitcoin Strategy ETF is due to start trading later on Tuesday in New York under the ticker “BITO”.
“The recent decision by the SEC to allow a futures-based ETF in the United States could prompt further significant inflows in the coming weeks, as US investors begin to add positions,” CoinShares said.
Bitcoin is holding around $62,000, its highest in around six months, thanks to investor interest in the futures ETF.
Bitcoin products have been more popular than other crypto-assets in recent weeks because of the ETF news. Ethereum products saw $0.9 million worth of outflows, its second week of outflows, while, solana backed assets saw $0.3 million worth of outflows.
Among the altcoins, polkadot products drew in the most capital, as inflows reached $3.6 million after setting a date for the parachain auction on November 11, which is when developers will be able to bid to build on the blockchain. Cardano-backed products saw inflows worth $2.7 million.
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