The first quarter of 2021 was an explosive one, with Bitcoin price surging more than 100% and Ethereum over 190%. This, in part, has been thanks to inflows into cryptocurrency funds and products hitting a record $4.5 billion. The first quarter inflows show an 11% increase from the last quarter of 2020, when it was $3.9 billion, as per the data from digital currency manager Coin Shares. These numbers suggest increased institutional participation. However, the growth in Q1 was slower than 4Q20’s 240%. But this was not “indicative of a broader slowing trend, as quarterly growth rates tend to be highly varied,” Coin Shares said in the report. To start Q2, while BTC is still taking its time to reach nearly $62k ATH, this is turning out to be beneficial for altcoins as the overall crypto market cap surpassed $2 trillion. Ethereum actually hit a new ATH at $2,050. In the first quarter, Bitcoin had the most inflows, like always, at $3.5 billion, followed by Ethereum, which posted $765 million in investments. “There’s so much momentum that’s building, and people are scrambling to see where the other coins, aside from bitcoin, are going,” said Edward Moya, senior market analyst at trading platform OANDA.
Bitcoin & Ether Inflows Hit a Record $4.5 Billion in Q1 2021: Coinshares Report
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07 April 2021 10:15, UTC