Over the past week, there has been a high demand for Bitcoin among investors, as speculators invested a record amount of money in cryptocurrency investment vehicles. According to a report by digital asset manager CoinShares, Bitcoin exchange-traded funds (ETFs) were the most popular products, with investors injecting more cash into these funds in a single week than ever before.
In total, $3.12 billion flowed into the funds from Monday to Friday last week, according to CoinShares. The U.S. Securities and Exchange Commission approved these ETFs in January, making it easier for American investors to buy shares that track the price of Bitcoin through brokerage accounts. CoinShares tracks funds that offer investors exposure to digital assets from various countries, including Germany, Switzerland, Hong Kong, and Australia.
These funds enable people to buy shares without having to hold digital coins and tokens themselves. The report also stated that interest in digital assets as an asset class has skyrocketed this year, with year-to-date inflows reaching a record $37 billion, primarily driven by Bitcoin. This is much higher than the debut of U.S.
gold ETFs, which attracted just $309 million in their first year. Bitcoin, the largest and oldest digital asset, is typically the primary focus for speculators. It reached a new all-time high of $99,645 last week, but stopped short of the $100,000 mark before experiencing a dip. It is currently trading at $95,440, according to CoinGecko.
Investors were also interested in altcoins like Solana, with $16 million flowing into European funds that provide exposure to the coin, compared to $2.8 million for Ethereum products. Following ex-President Donald Trump’s election victory on November 5, there has been a surge in crypto investments, as the soon-to-be-returning Commander in Chief promised during his campaign to help the digital asset industry grow.
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<p>The post Bitcoin Craze: Investors Gush Record Money Into Crypto first appeared on CoinBuzzFeed.</p>
