Institutional investors migrated to digital currency products and funds in the first 11 months of the year, notwithstanding the falling prices in recent weeks, according to data from digital asset manager CoinShares released on Monday.

As of Nov. 26, total inflows into the industry had reached an all-time high of $9.5 billion. Bitcoin inflows totaled $6.7 billion in 2020.

Inflows totaled $306 million during the week

Following the debut of another investment product in Europe, Bitcoin witnessed its greatest inflows in five weeks, reaching $247 million, according to CoinShares statistics.

According to media sources, Invesco has introduced a bitcoin exchange-traded fund in Europe. Meanwhile, asset manager WisdomTree has listed a trio of crypto basket ETPs on the Swiss stock exchange SIX and the Frankfurt-based Börse Xetra, according to CoinDesk.

CoinShares stated that the world’s biggest digital currency has attracted inflows for 11 weeks in a row, totaling $2.7 billion.

Bitcoin’s inflows last week coincided with a 2.3 percent dip in price, after a 10.4 percent loss the week before. Bitcoin fell almost 9% on Friday as investors fled the virtual currency due to concerns about the effect of the new COVID-19 version Omicron. It was now trading at $58,483, up 2%.

Inflation is rising, and people are looking for more options for their cash in the bank, stated Ruud Feltkamp, CEO of Cryptohopper, a cloud-based automated cryptocurrency trading bot.

He added, “I don’t think it’ll take long until investors see this as a ‘cheap’ buying moment. We are still in the midst of the bull cycle, and I think rising inflation will lead to more money being allocated to stocks and crypto.”

In the meantime, Ethereum-based products and funds experienced inflows for the sixth week in a row, totaling $23 million.

Polkadot and Solana seem to have the largest inflows relative to assets under management, with inflows reaching 8.6% of AUM, or $11.5 million, and 5.9%, or $14.6 million in the previous week.

CoinShares also revealed that it has been tracking blockchain equity ETPs, which have a market capitalization of $3.7 billion. Last week, these ETPs received $20 million in inflows, bringing their overall inflows to $2 billion in 2020.

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