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Bitcoin inflows touch record high so far in 2021: Report

Prime News, International (Washington), Nov 9:-Inflows into bitcoin products and funds have hit a record $6.4 billion so far this year, data from digital asset manager CoinShares showed, as investors bought the cryptocurrency on more widespread government acceptance and positive momentum.

Bitcoin inflows totalled $95 million last week, representing the largest inflows of all digital assets, while inflows during an eight-week bull run for the cryptocurrency were $2.8 billion, the CoinShares data showed on Monday.

Overall cryptocurrency products and funds posted inflows of $174 million, CoinShares data as of Nov. 5 showed, in a 12th consecutive week of flows from institutional investors.

Bitcoin jumped more than four per cent to as high as $66,555 on Monday, approaching the $67,016.50 record high of Oct. 20, while ether, which underpins the Ethereum blockchain, touched an all-time peak of $4,796.44.

“The BTC (bitcoin) price surge is just a confirmation of an incredibly strong market setup that has been developing throughout October,” Mikkel Morch, executive director at crypto and digital assets hedge fund ARK36, said. (MR, Inputs: Agencies).

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