Is Bitcoin’s Record High Driving the Boom?
Global cryptocurrency funds, including those managed by BlackRock, Bitwise and Fidelity, saw a record $2.2 billion in inflows last week, bringing year-to-date inflows to $33.5 billion. The surge, driven by Bitcoin hitting an all-time high above $93,000, has pushed assets under management to $138 billion. While U.S. funds led the way with net inflows of $2.21 billion, other regions, including Hong Kong, Australia and Canada, also saw positive moves. Bitcoin-based products received $1.48 billion in inflows, while Ethereum investments saw $646 million in inflows. Despite a strong start, the week ended with $866 million in outflows after Bitcoin prices peaked.
