This year's top $5 bln gross cryptofund inflows to over 600 percent - survey
According to recent information from asset manager CoinShares, overall investor inflows to cryptocurrency and products reached 5.6 billion dollars so far this year, more than 600 per cent up from 2019.
The inflows plus the latest price have driven the sector's leveraged assets to almost 19 billion dollars in 2020. Controlled assets finished in just $2.57 billion in 2019.
Investors see bitcoin as a protection against inflation and an alternative to a declining dollar this year's interest in cryptocurrencies has grown.
On Sunday, Bitcoin reached an all-time high of $24,298.04 but last decreased by almost 3 per cent to $22,832.78 BTC = BTS, a wave of risk-off changes on the financial markets causing fears about new strains of coronavirus.
The second biggest crypto-currency, ETH=BTSP, dropped 4.4% on Monday.
Inflows into investment investment commodity for investment crypt amounted to $335 million Friday, and $792.1 million for Bitcoin flows, the data revealed. Ethereum's weekly flows were $207.3 million.
Investors poured 15.6 billion dollars into bitcoin goods and funds before this year, while ethereal inflows were almost 2.5 billion dollars.
Julius De Kempenaer, senior technical analyst at StockCharts, said that a technical analysis and financial charts platform for online retail investors "It's no secret that in bitcoin/crypto, there are some major players and that they are mostly crowded with retail based traders.
"The current jump will certainly attract new retail money, but we are also already seeing adoption by more institutions. I think the question is whether institutions can afford not to participate, and for how long,"
The world's biggest crypto fund, Grayscale, had an inflow of 250.8 million dollars over the last week to raise its assets to 15.3 billion dollars under control. Grayscale has accumulated almost $5 billion in inflows this year, according to the CoinShares survey.
Bitcoin trading reached a record $11 trust bill on 17 December, but slowed down over the weekend. But revenues stayed above the Saturday and Sunday average of $4 billion.