Cryptocurrency products and funds attracted $226.2 million in investments last week, marking their eighth straight week of inflows, a report from digital asset manager showed on Tuesday.
Over an eight-week run, total crypto product inflows hit $638 million, with a year-to-date total of $6.3 billion.
Bitcoin soared to a five-month high of just under $58,000 on Monday, boosted by persistent institutional demand as it gains legitimacy among investors.
On Tuesday, the world’s largest cryptocurrency in terms of market value was last down 3.6% at $55,402.
Over an eight-week run, total crypto product inflows hit $638 million, with a year-to-date total of $6.3 billion.
Bitcoin, as expected, led the way, nabbing $225 million, for a fourth straight week of inflows, according to data in the week ended Oct. 8.
“We believe the turnaround in sentiment towards bitcoin is due to constructive statements from SEC chair Gary Gensler, potentially allowing a bitcoin ETF (exchange traded fund) in the U.S.,” wrote James Butterfill, investment strategist at CoinShares.
Since a low of $28,600 hit in June, bitcoin has gained about 88% of its value.
Blockchain data provider Glassnode, in its latest research note, said bitcoin experienced a boost in network activity in the first week of October.
Investors poured the most cash into bitcoin in 7 months last week
Investors poured the most cash into bitcoin-backed products in seven months as the cryptocurrency rallied past $50,000 last week.
Assets backed by bitcoin logged $225 million in inflows in the week to October 9, the most since the week of February 26, the report showed.
The leading cryptocurrency made up almost all the total $226 million inflows into digital asset management products. Over that timeframe, bitcoin rose by around 15% to top the psychologically important $50,000 level, spurred on by people buying into a dip below $40,000 in late September.
Investors may also be bullish after signs the US Securities and Exchange Commission may be open to a bitcoin exchange-traded fund.