As Bitcoin returns to the upper atmosphere, the currency will continue to circulate.
Big investors poured money into crypto-focused funds, bringing assets under management to the highest level since early 2022, CoinShares reported Monday. he said.-before The price of Bitcoin broke 50,000 dollars For the first time since December 2021.
Following the approval of the new Bitcoin (BTC) exchange-traded funds (ETFs), a large amount of money has flowed into the crypto space. Last week, CoinShares reports, $1.1 billion was invested in the fund focusing on digital assets. Assets under management now reach $59 billion.
Most of the money is focused on BTC ETFs in the new space, CoinShares said. A European fund manager tracks how much money flows into institutional funds, such as Grayscale and BlackRock's iShares ETF.
On January 10, the US Securities and Exchange Commission approved 10 spot BTC ETFs after a decade of rejection. Such investment vehicles give traditional investors exposure to the cryptocurrency space.
Following their approval last month, the price of BTC was seen as Greyscale, which previously operated as a closed-end fund into a spot Bitcoin ETF, began selling BTC to custodian Coinbase.
But the sale slowed down, and the money continued to flow into the funds, which caused the price of BTC to rise.
CoinShares added that although 98% of earnings were focused on BTC, the currency hit funds that gave investors exposure to Ethereum (ETH) and Cardano (ADA).
According to CoinGecko, BTC rose above $50,000 per coin on Monday morning Eastern Standard Time, reaching $50,256. It has since fallen again and is currently trading at $49,862.
BTC touched an all-time high of $69,044 in November 2021.
Edited by Ryan Ozawa.
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