Bitcoin (BTC) related investments accounted for the majority of the increase, with inflation climbing by $156 to $225 million, the largest level in five months.
As optimistic optimism returns to the bitcoin market, crypto-focused investments have taken in more than double the amount of fresh money they made last week.
Over the recent week, digital investment products generated $ 226 million in sales, up from $ 90 million the week before.
According to a Monday report from digital asset manager CoinShares, the increase was mostly driven by bitcoin-focused investments, with inflation climbing by $ 156 to $ 225 million, the largest in five months.
The growth in interest in bitcoin currencies coincides with the biggest cryptocurrency’s price reaching a five-month high last week. The cryptocurrency was recently valued at around $55,160 USD.
The last time bitcoin experienced such high penetration was in May, when its price was about $58,500, on its way down from an all-time high of nearly $65,000 earlier this year. Bitcoin’s price plummeted to $ 29,000 in July, but it has recently staged a comeback, with a 20 percent surge in October alone.
Last week, it saw a minor exit of $ 14 million in Ethereum-focused investments, which it had acquired in recent months as much of the bitcoin currency was locked down. Other blockchains are attracting investment. Last week, Litecoin, Ripple, and Polkadot were all delisted.
The cash flow of the assertions, according to the CoinShares report’s writers, was recently made by US Securities and Exchange Commission Chairman Gary Gensler, who hinted that the legal agency would be willing to allow an exchange-traded fund connected to bitcoin’s future. Last week, Gensler also stated that he was unwilling to restrict cryptocurrencies.
“We believe the change in the character of bitcoin is due to constructive statements from SEC chairwoman Gary Gensler, which may have permitted the bitcoin ETF in the United States,” the study stated.
Funds related to Solana’s SOL token received $12.5 million in inflows, while funds linked to Cardano’s ADA token received $3 million.