13 Consecutive Week of Inflows Send Bitcoin AUM to A Record $56B and Ether’s Past $21B For The First Time

Solana, Polkadot, and XRP are also attracting inflows totaling $9.8 million, $5.2 million, and $3.1 million, respectively, with Tron the only one to record outflows.


Crypto asset investment products saw inflows of $151 million in the week ending November 12, representing the 13th consecutive week of inflows which brings the year-to-date inflows to a record $9 billion.

At $97.5 million, Bitcoin accounted for the majority of inflows that pushed its assets under management to a record $56 billion. For this year, the inflows now come to $6.5 billion, according to the latest weekly report of CoinShares.

Ethereum also continues to see inflows, with last week’s coming at $17 million, pushing the total AUM past $21 billion for the first time.

Altcoin inflows, meanwhile, were led by Cardano, with its inflows totaling $16 million last week. However, no discernible catalyst has been identified at this time yet but could be “due to increasing positive investor sentiment for “World computer” coins,” said James Butterfill, investment strategist at CoinShares. ADA -1.49% Cardano / USD ADAUSD $ 1.39
-$0.02-1.49%
Volume 1.86 b Change -$0.02 Open $1.39 Circulating 33.37 b Market Cap 46.35 b
1 d Solana Unaffected by Price Jitters while Bitcoin, Ether, Polkadot, and Cardano Post Outflows 1 d 55% of Bitcoin Investors Bought over the Last 12 Months, US Consumers More Aware of DOGE than Ether 1 w Polkadot (DOT) and Solana (SOL) Continue To Be The Winners Of Inflows Relative To AUM

Solana, Polkadot, and XRP are other altcoins attracting inflows totaling $9.8 million, $5.2 million, and $3.1 million respectively. Tron was the only crypto asset product recording outflows of $1 million. SOL -1.87% Solana / USD SOLUSD $ 191.38
-$3.58-1.87%
Volume 2.41 b Change -$3.58 Open $191.38 Circulating 307.35 m Market Cap 58.82 b
3 h Bitcoin Acting Like A Risk Asset, Struggling with Rising Macro Uncertainty 20 h Over 4.4 Billion Added in Total Stablecoin Supply in the First Week of December 1 d Solana Unaffected by Price Jitters while Bitcoin, Ether, Polkadot, and Cardano Post Outflows
DOT -3.58% Polkadot / USD DOTUSD $ 29.33
-$1.05-3.58%
Volume 1.57 b Change -$1.05 Open $29.33 Circulating 987.58 m Market Cap 28.97 b
1 d Solana Unaffected by Price Jitters while Bitcoin, Ether, Polkadot, and Cardano Post Outflows 1 w Polkadot (DOT) and Solana (SOL) Continue To Be The Winners Of Inflows Relative To AUM 1 w Invesco Launches Physically-backed Bitcoin ETPs, WisdomTree Lists Three Crypto-Basket ETPs in Europe
XRP 4.84% XRP / USD XRPUSD $ 0.87
$0.044.84%
Volume 2.82 b Change $0.04 Open $0.87 Circulating 47.25 b Market Cap 41.01 b
1 d Solana Unaffected by Price Jitters while Bitcoin, Ether, Polkadot, and Cardano Post Outflows 1 w Polkadot (DOT) and Solana (SOL) Continue To Be The Winners Of Inflows Relative To AUM 2 w Investors Unfazed by Profit-taking as Another Week of Flows Bring YTD Crypto Inflows to $9.2B
TRX 2.09% TRON / USD TRXUSD $ 0.09
$0.002.09%
Volume 1.67 b Change $0.00 Open $0.09 Circulating 101.89 b Market Cap 9.42 b
20 h Over 4.4 Billion Added in Total Stablecoin Supply in the First Week of December 1 d Solana Unaffected by Price Jitters while Bitcoin, Ether, Polkadot, and Cardano Post Outflows 4 d Crypto Market Tanks: Bitcoin Correlation with S&P 500 Reaches 2021 High & USD Longs at Highest Level since June 2019

Despite the positive flows, volumes remained subdued in the second half of the year averaging $750 million in daily volume versus $960 million in the first half of 2021.

Meanwhile, this week, crypto asset prices are taking a bit of a beating, with Bitcoin falling under $60,000 while Ether is going to nearly $4,100. With altcoins also sliding, the crypto market cap has fallen to $2.728 trillion.

It “would be unusual to keep moving up without corrections,” said Vijay Ayyar, head of Asia Pacific with crypto exchange Luno in Singapore. He argued that “we’re seeing a healthy pullback” after a prolonged rally.

According to some, new tax-reporting requirements for digital currencies that are part of the trillion-dollar bill signed by President Joe Biden into law is part of the reason for the small pullback to a level last seen earlier this month.

“We’ve seen the U.S. infrastructure bill get signed, which has initiated a selloff from traders who are concerned about regulation and taxation,” said Hayden Hughes, chief executive officer of Alpha Impact.

Amidst all this, after cracking down on cryptocurrency mining, China is now studying the option of levying punitive power prices for companies involved in it, as per National Development and Reform Commission spokeswoman Meng Wei.

Since June, Bitcoin has more than doubled in value, driven by the recently launched futures-based Bitcoin exchange-traded funds (ETF) in the US. Over this past weekend, the network went through a major upgrade since 2017 called Taproot.

“There is a lack of news, and this is some pure selling of spot and some additions of short selling. Outside of this, there is no significant news,” said Matthew Dibb, chief operating officer at Singapore-based crypto asset manager Stack Funds.

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