Inflows into digital asset investment products continued for the twelfth straight week, amounting to $174 million, according to the latest CoinShares report.

This latest amount brings the year-to-date total of inflows to $8.9 billion, already over 30% more than the total amount of $6.7 billion for 2020. Total assets under management (AuM) have additionally reached a new all-time high of $80 billion.

With a total amount of $95 million, Bitcoin-based investment products saw the largest inflows of all digital assets. Over the past 8-week bull-run inflows have amounted to $2.8 billion, while year-to-date inflows have reached a record $6.4 billion.

“The BTC price surge is just a confirmation of an incredibly strong market setup that has been developing throughout October,” said executive director at crypto and digital assets hedge fund ARK36 Mikkel Morch. ”As bitcoin exchange balance is at a three-year low while long-term holder supply is at an all-time high, there are simply too few bitcoins available to keep up with the demand.”

Meanwhile, the performances of investment products based on Ethereum and other altcoins also fared well. With a renewed positive sentiment that saw it achieve successive all-time highs, Ethereum saw inflows totaling $31 million last week. Although Ethereum’s market share has suffered recently due to Bitcoin’s dominance, AuM has still risen to a record $20 billion, spurred by the recent positive price performance.

Other popular altcoins that saw notable inflows from Polkadot, Solana and Cardano totaling $9.6 million, $8.5 million and $5 million respectively. Polkadot’s inflows last week represent the largest weekly on record. Additionally, Tron has seen inflows totaling $79 million over the last 7 weeks, which has made it the 8th largest crypto by AuM.

As mentioned above, enthusiasm for Ethereum has picked up again recently, resulted in successive all-time highs, which had started on October 29. Continuing this trend twice last week, ETH has done it again as recently as yesterday, reaching $4,825. Along with Ethereum, Bitcoin also achieved a new record, surpassing $68,500, just weeks after hitting its new all-time high.

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The post Market Sees $174M in Crypto Investment During Twelfth Straight Week of Inflows appeared first on BeInCrypto.

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