Despite transaction volume dropping in the second half of 2021, institutional traders have invested a record amount of money in Bitcoin investment products.
Bitcoin (BTC) investment products received total inflows of $97.5 million between Nov. 8 and Nov. 12 according to CoinShares’ Nov. 15 Digital Asset Fund Flows Weekly report, bringing the sector’s assets under management (AUM) to a new high of $56 billion.
Last week, year-to-date (YTD) inflows totaled $6.5 billion, with bitcoin instruments accounting for 64.6% of the $150.9 million invested in digital asset investment products.
13-week straight inflows
While the record AUM coincided with BTC hitting a new all-time high of over $69,000 on Nov. 10, the markets have since come down by 10%, with the coin last changing hands for $62,100.
Even though digital asset investment products have experienced inflows for 13 weeks in a row, the sector has seen “subdued volumes” in the second half of 2021, according to CoinShares.
Daily volumes have averaged $750 million in the second half of the year, down 22% from $960 million in the first half of 2021, according to the report.
With $17.3 million in weekly inflows, Ethereum had the highest weekly inflows among altcoin-tracking products, but the result represented a 44% drop week-over-week for the asset class.
Cardano surge
Despite the lack of traffic, CoinShares reported a record AUM of $21 billion for Ethereum products, and the price of ETH hit new highs near $4,900 on November 10.
Cardano (ADA) came in second with $16.4 million, representing a 227% increase in weekly inflows. CoinShares claimed it couldn’t “find an identifiable reason” causing the surge in Cardano fund investment.
Despite transaction volume dropping in the second half of 2021, institutional traders have invested a record amount of money in Bitcoin investment products.
Image courtesy of Cointelegraph News/YouTube
