Bitcoin is standout performer amid global sell-off
Amid the global sell-off across all major asset classes last week bitcoin was the standout performer, rising 5.4 per cent versus gold falling 1.2 per cent, US 10yr treasuries 0.1 per cent and MSCI World 5.6 per cent respectively, according to the latest CoinShares Digital Assets Fund Flows weekly report.
A combination of rising prices and inflows of USD203 million in digital asset vehicles last week led to record high assets under management totalling USD9.03 billion. Since early September investors have begun venturing into funds comprising multiple crypto-assets as confidence grows in the asset class.
Trading turnover in Bitcoin for trusted exchanges remains above average at USD2.4 billion per day, with total volumes rising 7 per cent over the week. Due to the high inflows into digital asset vehicles their volumes represented 7.3 per cent of trusted exchange volume.