Crypto-Fund Assets Hit All-Time High, With US Bitcoin Futures ETF on Cusp

Total assets under management in cryptocurrency funds tracked by CoinShares have been climbing – and could swell further as one or more U.S. bitcoin futures exchange-traded funds launch this week.

AccessTimeIconOct 18, 2021 at 4:50 p.m. UTC
Updated Oct 18, 2021 at 6:44 p.m. UTC
Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Damanick was a crypto market analyst at CoinDesk where he wrote the daily Market Wrap and provided technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio strategist and does not invest in digital assets.

Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Investors piled into crypto funds last week ahead of the U.S. Securities and Exchange Commission’s (SEC) approval of the nation’s first futures-based bitcoin exchange-traded fund (ETF) on Friday.

The rise of fresh capital contributed to a boost in total assets under management, now $72.3 billion, the highest on record, according to a report Monday by CoinShares.

The increase came as bitcoin’s price surged 12% last week, pushing above $60,000 for the first time since April.

Inflows to crypto funds totaled $80 million for the week ended last Friday, down from $225 million of inflows during the prior week.

The SEC approved the ProShares Bitcoin Futures ETF on Friday, and the product will begin trading on the New York Stock Exchange on Tuesday.

The tracking of flows into the ProShares ETF will be included in next week’s CoinShares report, a representative for the asset manager wrote Monday in an email to CoinDesk.

The U.S. ETF approval “could prompt further significant inflows in the coming weeks as U.S. investors begin to add positions,” CoinShares wrote in the report.

For now, bitcoin funds continue to dominate inflows, totaling $70 million last week. Polkadot and Cardano products also saw inflows totaling $3.6 million and $2.7 million, respectively.

Ethereum funds saw minor outflows totaling $1 million last week.

CoinDesk - Unknown

Weekly crypto asset fund flows. (CoinShares)

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Damanick was a crypto market analyst at CoinDesk where he wrote the daily Market Wrap and provided technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio strategist and does not invest in digital assets.


Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


CoinDesk - Unknown

Damanick was a crypto market analyst at CoinDesk where he wrote the daily Market Wrap and provided technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio strategist and does not invest in digital assets.