A net investment of $293 million was made in cryptocurrency funds last week. Thus, the total investment amount in the last seven weeks exceeded $1 billion.
The biggest investments are in 3 cryptocurrencies
Three cryptocurrencies took the lion’s share of funds last week, CoinShares reports. While Bitcoin saw inflows of $240 million, it was followed by Ethereum with $49 million and Solana with $12.4 million. Cardano also recorded a small inflow of $800 thousand.
Fund investor interest is higher than in 2020/21
On the other hand, trading volume in Bitcoin funds accounted for 19.5 percent of the total trading volume. According to the report, this shows that fund investors participated more in this rally compared to the 2020/21 rally.
As a result of recent investments, the fund’s total assets under management have increased by approximately 10 percent last week and 99 percent since the beginning of the year. This brought the total to $44.3 billion, the highest level since May 2022.
BlackRock’s impact on Ethereum
Ultimately, the $49 million investment in Ethereum was the highest investment amount since August 2022. In the report, the situation was attributed to BlackRock applying for a spot Ethereum ETF.
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