Cryptocoin: Total crypto fund inflows top $5 billion this year

Inflows into cryptocurrency funds and products has hit a new record high at $5.6 billion in 2020, up by more than 600% from 2019

ZEE5 Web Desk

December 22, 2020

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2 min

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In what has been a tough year, inflows into cryptocurrency funds and products have hit a new record high at $5.6 billion. Up by more than 600% from the figures of2019, the trade flow into cryptocurrencies have been higher than ever. The large inflows have put the sector to nearly $19 billion in 2020, compared to just $2.57 billion, at the end of 2019.

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Interest in cryptocurrencies skyrocketed this year thanks to investors seeing bitcoin as a hedge against inflation and as an alternative to the depreciating dollar. Bitcoin hit yet another all-time peak of $24,298.04 on Sunday. However, it was down nearly 3% at $22,832.78, due to the hit by a wave of risk-off moves in financial market based on the new coronavirus strain.

Ethereum, which is the second largest cryptocurrency, on Monday, fell 4.4% to $610.14. As of Friday, inflows into crypto investment products totaled at $335 million, with bitcoin accounting for the most. Meanwhile, Ethereum had $207.3 million in weekly flows.

To date in 2020, investors have pumped $15.6 billion into bitcoin products and funds, while Ethereum inflows reached nearly $2.5 billion. The high flows caused the trading volume for bitcoin to hit a record high at $11 billion on trusted exchanges in December. However, it has slowed over the weekend. Turnover remains above the average of $4 billion over the weekend.

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