Institutional investors have pumped $429 million into cryptocurrency funds over the past week. It’s the second-largest weekly influx in history. Cryptocurrency funds now manage a record $15 billion for their clients.
As of the end of last year, cryptocurrency funds had only $2.57 billion in management. In less than 12 months, that sum has more than multiplied. Of the $429 million that has swollen into the funds in the past week, more than $330 million went to grayscale, the largest cryptocurrency fund. In total, it has more than $12 billion in management, according to a Report by CoinShares, referred to by Reuters.
According to CoinShares investment strategist James Butterfill, there is a noticeable change in the perception of cryptocurrencies in clients who might not have considered them a year ago. “They turn to us and say: Bitcoin will stay here, help us understand it,” Butterfill told Reuters, noting that it is far from just small speculators who are investing in cryptocurrencies. We are said to be at the beginning of interest in cryptocurrencies by institutional investors.
The largest weekly inflow of investment in cryptocurrency funds occurred just three weeks ago, at $468 million. More than 70 percent of that money went to Bitcoin, which is attacking its all-time highs.
