Over four weeks, outflows from gold-focused funds amounted to $9.2 billion, 15% of these funds ($1.4 billion) were directed to buying Bitcoin. CoinShares, a digital asset management firm, reported the data.
2/ To read @CoinSharesCo Digital Asset Fund Flows Weekly in full: https://t.co/MbvaGEUdwi
— CoinShares 👩🚀 (@CoinSharesCo) December 7, 2020
In the week to December 7, net inflows into crypto-linked investment products totaled $429 million, bringing their total to nearly $15 billion.
For 2019 the total assets under management across CoinShares, Grayscale Investments, 21Shares, WisdomTree, ETC Issuance and other firms stood at $2.57 billion. To date, this figure has risen by a factor of 5.8.
Data: CoinShares.
The firms’ $430 million in the week was close to the record $468 million reported three weeks earlier.
$334 million went into products linked to Bitcoin, $87 million or 20% of the total — Ethereum. The increase of this share, according to CoinShares, reflected a rise in investor confidence in progress with the transition of the second-largest cryptocurrency to ETH2.
Launching the Phase Zero of Ethereum 2.0: what will happen and what users should expect
In November, the Ethereum Trust assets under management by Grayscale Investments surpassed the $1 billion mark.
Previously, BlackRock CEO Larry Fink suggested that Bitcoin could become a global market asset. The firm’s Chief Investment Officer Rick Rieder stated that Bitcoin is capable of replacing gold.
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