Bitcoin hits all-time peak as inflows reach record high in 2021, says CoinShares

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Bitcoin hits all-time peak as inflows reach record high in 2021, says CoinShares

Earlier on Tuesday, Bitcoin, the world’s most popular crypto asset, hits a fresh record of $68,573.4, mostly riding on the back of a growing optimism on government-level acceptance of digital assets. A day earlier, data from digital asset manager CoinShares had unveiled that influx of fresh capitals into bitcoin products and related funds had reached a record $6.4 billion thus far this year, as investors seemingly had cashed in on a widespread acceptance of crypto assets as beforementioned.

According to latest CoinShares data, capital inflow into bitcoin had hit $95 million last week, while fresh investments into crypto assets totaled to $2.8 billion over past two months. Besides, over the week that ended on November 5, overall investments on crypto products and digital asset funds had hit $174 million, remarking a 12th straight week of positive inflows of crypto assets into bitcoin products.

In tandem, with bitcoin soaring towards a record peak of $67,016.50 on yesterday, climbing as much as 4 per cent to $66,555, assets under management at two of the largest digital asset managers, Grayscale and CoinShares, jumped to $55.67 billion and $5.5 billion respectively.

Meanwhile, addressing to a strong market landscape for bitcoin and bitcoin derivatives, an executive director at crypto and digital assets hedge fund ARK36 said, “The BTC (bitcoin) price surge is just a confirmation of an incredibly strong market setup that has been developing throughout October.

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”.

Bitcoin, Ethereum hits new record on Tuesday

Citing statistics, as Tuesday’s early-European morning trading, Bitcoin was last trading 2.94 per cent to $68,004.2 on early European trading hours, while Ethereum rose 1.02 per cent 4,819.4 after setting a new record peak of 4,829.00 and Litecoin soared 8.22 per cent to $242.9 after hitting $248 earlier in the day.

Apart from that, despite a latest leg of decline in Ethereum market shares amid growing dominance of bitcoin and related funds, digital asset traders had purchased $31 million worth of Ethereum and related funds last week.

Surprisingly, a relatively newer crypto asset, Tron, that claimed to have focused on hosting entertainment apps instead traditional blockchain tech, has scored a $79 million in fresh inflows over past seven weeks.