Bitcoin revenue hit a record so far in 2021 -CoinShares data from Reuters

By Gertrude Chavez-Dreyfuss

NEW YORK (Reuters) – Revenue from Bitcoin products and funds hit a record $ 6.4 trillion this year, as data from digital asset manager CoinShares showed investors bought the cryptocurrency with widespread government approval and a positive boost.

revenue was $ 95 billion last week, representing the largest revenue of all digital assets, and revenue for cryptocurrencies in the eight-week bull run was $ 2.8 billion, CoinShares data showed Monday.

Overall, cryptocurrency products and funds had revenue of $ 174 million, CoinShares showed on Nov. 5, the 12th consecutive week of institutional investor flows.

Bitcoin jumped more than 4% on Monday to $ 66,555, approaching a record high of $ 67,016.50 on October 20, while ether, at the base of the blockchain, touched a peak of $ 4,796.44.

“The rise in BTC (bitcoin) prices is just a confirmation of an incredibly strong market configuration that is developing during October,” said Mikkel Morch, executive director of the ARK36 cryptocurrency and digital asset hedging fund.

“Because the balance of the Bitcoin exchange is low for three years, while the supply of long-term holders is temporary, there are too few bitcoins available to keep up with demand.”

Investors also threw in $ 31 million in Ethereum products and funds last week. As Ethereum’s market share has declined in recent months as bitcoin’s dominance has grown, the assets managed by a recent combination of positive price performance and strong revenue have pushed for a record $ 20 billion.

Tron, a digital platform focused on hosting entertainment applications, had revenue of $ 79 million over the past seven weeks, and was the 8th largest virtual asset in terms of AUM.

Grayscale and CoinShares ’AUM, the two largest digital asset managers, rose $ 55.67 billion and $ 5.5 billion last week, respectively.