Cryptocurrency News
The influx of money into digital asset funds is a clear sign of the crypto mania taking hold.
According to a report by European asset manager CoinShares released on Monday, the total assets under management for crypto investment vehicles have reached a new record high of $138 billion.
This milestone follows a $2.2 billion investment into such funds last week, as per the report.
CoinShares monitors funds globally that offer exposure to digital coins like Bitcoin, Ethereum, and Solana through exchange-traded funds (ETFs) in Europe and Asia.
The recent surge in investment activity seems to be driven by a combination of looser monetary policy and the Republican party’s recent U.S. election victories, according to the report.
Most of the funds were directed towards U.S.-listed spot ETFs, providing both sophisticated and retail investors with exposure to Bitcoin.
In January, the Securities and Exchange Commission (SEC) approved 11 new spot Bitcoin ETFs, managed by established firms like BlackRock, Fidelity, and Grayscale, allowing a range of investors to enter the cryptocurrency market in a regulated manner.
Since the recent surge in Bitcoin’s price after Donald Trump’s recent electoral win, reaching new highs above $93,000, there has been increased interest in U.S.-based ETFs from investors.
CoinShares’ report also highlighted a growing enthusiasm for Ethereum, with $646 million invested in products offering exposure to the digital asset last week.
Following the Republican presidential win on November 8, funds have continued to flow into the crypto space, as $2 billion was invested into crypto funds the week before, driven by promises made by President-elect Trump to support the industry.
Edited by Andrew Hayward
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