Cryptocurrency Investment Products Continue to Attract Funds Amidst Strong Demand
Investor funds have continued to pour into cryptocurrency investment products throughout November, extending a six-week streak of net inflows.
According to data from CoinShares, the total inflow last week reached $261 million, driven primarily by Bitcoin products, which accounted for $229 million of the inflows. This marks the largest six-week streak of net inflows since December 2021, with a total of $767 million attracted during this period, surpassing the entire inflow for 2022.
Notably, US investors were the dominant contributors, representing around 60% of the inflows, reflecting a growing interest in cryptocurrency investments amid expectations of a US spot-based ETF and concerns about US monetary policy efficacy. In the same period, Ether-focused products also saw significant net inflows of $17.5 million, the highest since August 2022, indicating growing interest in Ethereum-based investments.
Clever Robot News Desk 7th November 2023
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