Crypto Funds See $1.1B Inflow as Bitcoin Price Passes $50K
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Big investors pumped $1.1 billion into crypto-focused funds last week, bringing assets under management to $59 billion, the highest since early 2022.
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Inflows focused on new US spot Bitcoin ETFs, which have seen $2.8 billion in inflows since being approved by the SEC on January 10.
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The price of Bitcoin rose above $50,000 on Monday morning for the first time since December 2021.
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98% of inflows went to Bitcoin funds, but money also flowed into Ethereum and Cardano funds.
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Bitcoin hit an all-time high of $69,044 in November 2021 and is currently trading around $49,862.