Total inflows into the sector were $9.5 billion as of Nov. 26, an all-time high. In 2020, total bitcoin inflows were $6.7 billion.
On the week, inflows reached $306 million.
Bitcoin saw its largest inflows in five weeks totaling $247 million, CoinShares data showed, following the launch of another investment product in Europe.
Invesco has launched a bitcoin exchange-traded product in Europe, media reports said. CoinDesk meanwhile reported that asset manager WisdomTree has listed a trio of crypto basket ETPs on Swiss stock exchange SIX and Frankfurt-based Borse Xetra.
The world’s largest cryptocurrency has seen inflows for 11 straight weeks with a total of $2.7 billion, CoinShares said.
Bitcoin’s inflows last week came as the price fell by 2.3%, after a 10.4% drop the previous week. On Friday, bitcoin sank nearly 9% as investors dumped the virtual currency amid fears of the impact of the new COVID-19 variant Omicron. It was last up 2% at $58,483.
“Inflation is skyrocketing and people are searching for more alternatives for their money in the bank,” said Ruud Feltkamp, chief of cloud-based automated crypto trading bot Cryptohopper.
“I don’t think it’ll take long until investors see this as a ‘cheap’ buying moment. We are still in the midst of the bull cycle, and I think rising inflation will lead to more money being allocated to stocks and crypto,” he added.
Ethereum-based products and funds, meanwhile, saw inflows for a fifth straight week, with $23 million.
In terms of inflows relative to assets under management, Polkadot and Solana continue to be the winners, with inflows representing 8.6% of AUM, or $11.5 million, and 5.9% or $14.6 million, respectively, last week.
CoinShares also announced that it has also been tracking blockchain equity ETPs, currently with an AUM of $3.7 billion. These ETPs posted inflows of $20 million last week, with a year-to-date total of $2 billion.
