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Total investor inflows into cryptocurrency funds hits $5.6b

written by Bella Palmer
cryptocurrency-funds

Inflows into investment crypto investment products totalled $335 million, with bitcoin flows accounting for $792.1 million

Total investor inflows into cryptocurrency funds and products hit $5.6 billion so far this year, up more than 600% from 2019, according to the latest data from asset manager CoinShares.

The inflows plus the latest price moves lifted assets under management for the sector to nearly $19 billion in 2020. Assets under management ended 2019 at just $2.57 billion.

Interest in cryptocurrencies skyrocketed this year as investors saw bitcoin as a hedge against inflation and as an alternative to the depreciating dollar.

Bitcoin hit yet another all-time peak of $24,298.04 on Sunday, but was last down nearly 3% at $22,832.78, hit by a wave of risk-off moves in financial markets on worries about the new coronavirus strain.

On Monday ethereum, the second largest cryptocurrency, fell 4.4% to $610.14.

Inflows into investment crypto investment products totalled $335 million as of Friday, with bitcoin flows accounting for $792.1 million, the data showed. Ethereum had $207.3 million in weekly flows.

So far this year, investors pumped $15.6 billion into bitcoin products and funds, while ethereum inflows reached nearly $2.5 billion.

It's no secret that there are a few big players in the bitcoin/crypto space and that it is mostly crowded with retail-related traders and investors, said Julius de Kempenaer, senior technical analyst at StockCharts, a technical analysis and financial charting platform for online retail investors.

The current jump will certainly attract new retail money, but we are also already seeing adoption by more institutions. I think the question is whether institutions can afford not to participate, and for how long, he added.

Grayscale, the world's largest crypto fund, had $250.8 million inflows in the latest week, raising its assets under management to $15.3 billion. So far this year, Grayscale has amassed inflows of nearly $5 billion, the CoinShares report said.

Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

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