Bitcoin (BTC) is once again at the top of the list of institutional fund inflows, with total money invested in cryptocurrencies surpassing the previous record high set in 2020. A new record of $8.8 billion in inflows into digital assets has been achieved, according to the latest data from CoinShares, after 12 straight weeks of inflows into the asset class have been recorded.
Comparatively, the previous year’s record was $6.7 billion. Notably, the spike has been fueled in part by the $174 million in inflows that crypto investment products received last week, which helped to fuel the rally. Additionally, CoinShares reports that total assets under management (AUM) have now reached an all-time high (ATH) of $8 billion, which is a new record high.
In particular, Bitcoin received $95 million in fund inflows last week, making it the cryptocurrency with the greatest inflows overall. The crypto king has had inflows of $2.8 billion in the last eight weeks, out of a total of $12 billion during the last 12 weeks.
Additionally, Bitcoin’s year-to-date inflows have reached a record $6.4 billion, which is just around $0.3 billion short of the total cryptocurrency inflows for the whole year 2020. Also included is the fact that this statistic represents two-thirds of all year-to-date inflows for all digital assets.
In terms of price, Bitcoin is currently on the verge of crossing the $70K level, which would represent a new all-time high. According to our data, the asset was trading for $68,229 at the time of publishing, representing a 2.9 percent increase over the previous 24 hours. Following the inflow of $31 million into Ethereum (ETH) investment products last week, the cryptocurrency is presently experiencing a positive vibe.
Given the dominance of bitcoin, institutional investors have shied away from investing in the second-largest crypto asset by market capitalization during the last several months. Yet, as a result of Ether’s price performance and recent inflows, its market capitalization has increased to $20 billion.
According to our statistics, ETH was trading at $4,817 at the time of publication, representing a rise of 11.1 percent over the previous week. Polkadot, Solana, and Cardano, among other popular cryptocurrencies, have also had significant inflows, at $9.6 million, $8.5 million, and $5 million, respectively. Additionally, their weekly price patterns show increases ranging from 5.7 percent to 20.8 percent on a weekly basis.
Notably, according to FXStreet’s forecast, the price of bitcoin will reach $71,689 in the near future, with some resistance along the way. More than one investigation reveals a greater holding determination among Bitcoin holders and miners, as well as other optimistic indications such as Bitcoin’s rebound after the Chinese cryptocurrency ban. Stock market participants seem to be holding out hope for solid closes in both this month and December.
At the moment, the Crypto Fear & Greed Index is showing “Extreme Greed,” indicating a flurry of purchases and a strong momentum for the broader cryptocurrency market. Already, the total market capitalization of digital assets is $3.08 trillion, representing a 3 percent increase in the previous 24 hours.
