Crypto funds AUM peaks as US awaits first Bitcoin ETF
Wait for the first Bitcoin ETF had a rising impact on the crypto market as more and more investors piled on crypto funds last week. The crypto- funds’ assets under management hit an all-time high of $72.3 billion during the week ending 15th.
Record levels attained after the market surpassed $80 million in inflows during the week leading up to the 15th. While the crypto inflows were significantly down from last week’s $225 million, it significantly contributed to the crypto funds AUM.
In addition, Bitcoin is also about to reach its peak of $64,895 after surpassing $60,000 for the first time since April. At the time of writing, the king crypto was trading at +62,161.60, up by 1.42% in the last 24 hours.
Cryptocurrency analysts at Arcane Research said in a report:
“This could lead to more constant buying pressure on CME, causing the open interest to rise. This will attract more cash and carry opportunities, leading to buying pressure in the spot market.”
Unsurprisingly, Bitcoin recorded the largest amount of inflows last week, reaching $70 million in inflows. Also, Polkadot (DOT) and Cardano (ADA) recorded $3.6 million and $2.7 million in inflows last week.
On the other hand, Ethereum recorded a small outflow of $1 million.
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OhNoCryptocurrency via https://www.ohnocrypto.com/ @Gauri Bhatia, @Khareem Sudlow
