Bitcoin Funds Gain $1 Billion Amid Historic BTC Price Rally

Share via:



The money keeps rolling in as Bitcoin returns to the upper atmosphere.

Big investors have pumped money into crypto-focused funds, bringing assets under management to their highest level since early 2022, a Monday report by CoinShares said—before the price of Bitcoin broke $50,000 for the first time since December 2021. 

Large amounts of cash have hit the crypto space following the approval of the new spot Bitcoin (BTC) exchange-traded funds (ETFs). Last week, CoinShares reports, $1.1 billion entered the funds focusing on digital assets. Assets under management now stand at $59 billion.

Most of the money is focused on the new spot BTC ETFs, CoinShares said. The European fund manager tracks how much money flows into institutional funds, such as Grayscale and BlackRock’s iShares ETF. 

On January 10, the U.S. Securities and Exchange Commission approved 10 spot BTC ETFs after a decade of denials. Such investment vehicles give traditional investors exposure to the cryptocurrency space. 

Following their approval last month, the price of BTC took a hit as Grayscale, which previously operated like a closed-end fund to a spot Bitcoin ETF, began to sell BTC to its custodian, Coinbase. 

But the selling has slowed, and money has continued to flow into the funds, causing the price of BTC to edge higher. 

CoinShares added that although 98% of inflows were focused on BTC, money also hit funds that gave investors exposure to Ethereum (ETH) and Cardano (ADA). 

BTC rose above $50,000 per coin Monday morning Eastern Standard Time, and reached $50,256, according to CoinGecko. It has since fallen again and is currently trading for $49,862. 

BTC touched its all-time high of $69,044 back in November 2021. 

Edited by Ryan Ozawa.

Stay on top of crypto news, get daily updates in your inbox.





Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Popular

More Like this

Bitcoin Funds Gain $1 Billion Amid Historic BTC Price Rally



The money keeps rolling in as Bitcoin returns to the upper atmosphere.

Big investors have pumped money into crypto-focused funds, bringing assets under management to their highest level since early 2022, a Monday report by CoinShares said—before the price of Bitcoin broke $50,000 for the first time since December 2021. 

Large amounts of cash have hit the crypto space following the approval of the new spot Bitcoin (BTC) exchange-traded funds (ETFs). Last week, CoinShares reports, $1.1 billion entered the funds focusing on digital assets. Assets under management now stand at $59 billion.

Most of the money is focused on the new spot BTC ETFs, CoinShares said. The European fund manager tracks how much money flows into institutional funds, such as Grayscale and BlackRock’s iShares ETF. 

On January 10, the U.S. Securities and Exchange Commission approved 10 spot BTC ETFs after a decade of denials. Such investment vehicles give traditional investors exposure to the cryptocurrency space. 

Following their approval last month, the price of BTC took a hit as Grayscale, which previously operated like a closed-end fund to a spot Bitcoin ETF, began to sell BTC to its custodian, Coinbase. 

But the selling has slowed, and money has continued to flow into the funds, causing the price of BTC to edge higher. 

CoinShares added that although 98% of inflows were focused on BTC, money also hit funds that gave investors exposure to Ethereum (ETH) and Cardano (ADA). 

BTC rose above $50,000 per coin Monday morning Eastern Standard Time, and reached $50,256, according to CoinGecko. It has since fallen again and is currently trading for $49,862. 

BTC touched its all-time high of $69,044 back in November 2021. 

Edited by Ryan Ozawa.

Stay on top of crypto news, get daily updates in your inbox.





Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Website Upgradation is going on for any glitch kindly connect at office@startupnews.fyi

More like this

Ether price faces correction before rally to $20K in...

Analysts are eyeing a potential $20,000 cycle top...

Meta’s Threads app launches custom feeds amid Bluesky surge

Meta’s Instagram Threads began rolling out a new custom...

Indian Startup Funding — Startups Raised $580 Mn This...

SUMMARY Indian startups cumulatively $579.5 Mn across 18 deals,...

Popular

Upcoming Events

Startup Information that matters. Get in your inbox Daily!