Cryptocurrency assets held by institutional managers rose for a fifth consecutive week, a sign that market participants had once again flipped bullish on Bitcoin (BTC) and the leading altcoins.
Investment flows into crypto products totaled $42 million in the week ending on Sept. 19, with Bitcoin funds seeing inflows of $15 million, according to digital asset manager CoinShares. That’s only the third time in 16 weeks that BTC investment products saw positive inflows.
All major assets registered a weekly increase, with investors buying up $6.6 million worth of Ether (ETH) products and $3.7 million worth of multi-asset funds. Investors also allocated $4.8 million towards Solana (SOL), disregarding a denial-of-service disruption earlier this week as a result of network congestion.
In terms of actual products, 21Shares registered the largest weekly inflows at $28 million. The physically-backed crypto exchange-traded product provider now has $1.87 billion in assets under management. Grayscale remains the single largest crypto asset manager, with $43.177 billion in total assets.
Fund managers have been buying up crypto in lockstep with a broad market recovery that began in late July. Crypto markets peaked above $2.2 trillion last week after plunging to around half that amount earlier in mid-July. However, by Monday, all major crypto assets had printed heavy losses as Chinese Evergrande news walloped risk sentiment.
American cinema giant AMC Theatres is steadily approaching its goal of accepting cryptocurrency payments by year-end, now debuting crypto purchases for electronic gift cards.
AMC customers can now buy digital gift cards with cryptocurrencies like Bitcoin (BTC) directly through the AMC website, mobile app and theatres, CEO Adam Aron announced on Oct. 5. The new payment option was enabled through major crypto payment processor BitPay, allowing consumers to purchase e-cards of up to $200, Aron noted.
The CEO paid special attention to Dogecoin (DOGE) among the digital assets accepted for AMC e-card purchases. Aron hinted in September that AMC will include DOGE in the list of cryptocurrencies accepted for tickets by the end of 2021.
Aron had conducted a poll of 140,000 people on Twitter, asking the community whether AMC should accept DOGE payments for tickets. “It’s clear that you think AMC should accept Dogecoin. Now we need to figure out how to do that. Stay tuned,” Aron said at the time.
Hedge fund billionaire Ken Griffin and former U.S. President Donald Trump have both slammed digital currencies as a threat to the U.S. dollar.
Griffin, the founder of the $38 billion hedge fund Citadel LLC, told the Economic Club of Chicago on Oct. 4, that crypto is "a jihadist call that we don't believe in the dollar." He expressed his dismay over the younger generation working on dollar alternatives in the crypto sector:
"What a crazy concept this is, that we as a country embrace so many bright, young, talented people to come up with a replacement for our reserve currency."
"I wish all this passion and energy that went to crypto was directed towards making the United States stronger," he added.
Griffin however doesn't not seem opposed to making money out of crypto in the future. He said that Citadel is yet to follow the plunge of other hedge funds and traditional financial institutions into crypto because of the “lack of regulatory certainty.”
This Daily Dose was brought to you by Cointelegraph.