Assets Under Management Surges Past $50 Billion as Altcoins Record Slight Gains
Digital assets funds continue their upward momentum as asset prices continue to rise towards the end of the year with growing optimism for an approval of a spot Bitcoin (BTC) ETF in the United States.
Data from CoinShares shows cryptocurrency assets under management (AUM) at $50.2 billion despite outflows recorded by Bitcoin and Ethereum (ETH) in the last seven days bringing an end to the consecutive run of inflows.
Grayscale Investments leads the chart with $33 billion while CoinShares XBT and 21Shares AG follow suit with $2.3 billion and 2 billion respectively. Geographically, the United States leads with $36.6 billion in AUM fanning more speculations on a drive for an ETF approval.
The US lead comes amid several lawsuits against digital asset firms and a dilemma over unclear regulations described by many analysts as hindering a wider market adoption.
Canada and Switzerland come in next with $3.4 billion and $3 billion in AUM. Europe numbers have also increased this year following the Markets in Crypto Assets (MiCA) regulation set to bring uniformity and regulatory certainty in the region.
Institutional investors show a renewed interest in the market as prices rebound after months of declining market sentiment riddled with industry collapses and tougher regulation amid macroeconomic factors.
The second and third quarters of this year witnessed a major turn in investor relations igniting bullish sentiment around the market on the heels of an increasing BTC price.
A major turning point was the application for a spot BTC ETF by BlackRock and other institutional firms like Fidelity Investments, Valkyrie, WisdomTree, etc gathering support from investors who believe that a new market cycle is imminent should the Securities and
