• April 23, 2024

Satoshihodler.com

All the latest cryptocurrency news

Crypto Funds Receive Almost $900M Last Week

Reading time: < 1 minute

According to CoinShares analyst James Butterfill, crypto-based investment vehicles saw a significant rebound last week with a total of $862 million in net inflows.

This was a welcome change from the previous week, when funds managed by companies including BlackRock, Fidelity, and Grayscale reported record outflows of $942 million.

As Bitcoin’s price climbed above $70,000, the combined assets under management for all crypto funds tracked by CoinShares reached $97.9 billion. In particular, inflows into Bitcoin-related funds were the main source of activity last week.

BlackRock and Fidelity’s spot Bitcoin ETFs each saw inflows of over $600 million, while Grayscale’s spot Bitcoin ETF experienced outflows of $960 million, bringing its assets under management to roughly $35 billion.

The Ark Invest 21 Shares spot Bitcoin fund had an exceptional week with inflows of over $300 million, a significant increase from the previous week’s inflow of $30 million. The fund now has over $3 billion in assets under management.