Last month Galaxy Digital Holdings Ltd. Cryptomillionaire Michael Novogratz Receives The Largest Cash Flow In History, since Bitcoin and Ethereum reached historic highs.
According to the head of the asset management company Steve Kurtz, at the end of October, Galaxy was under control $3,2 billion, What's on 45% more, than in September. At the beginning 2021 years, the AUM of the company was less than $1 billion.
One of the main factors behind the sharp growth was the influx of investments into the company's Canadian line of exchange-traded funds., especially to the fund, focused on Ethereum. CI Galaxy Ethereum ETF (ticker ETHX) after launching in April has already collected more $1 billion, and its price has doubled during this time. Kurz expects, that this cash flow will grow as, how Ethereum will continue to gain popularity among a wider audience.
«Cryptocurrency becomes an asset class, and not just an asset ", – said Kurtz in a telephone interview with Bloomberg. “In terms of market infrastructure and asset class development, Ethereum is gaining momentum, likewise, like bitcoin a year and a half ago ".
Ethereum has grown by more than 500% in 2021 year, due in part to the popularity of the Ethereum blockchain, which is the most used network for De-Fi and NFT applications. Bitcoin – world's largest cryptocurrency – more than doubled this year.
First Bitcoin Futures ETFs Started Trading Last Month, but physical funds – such as Canadian Galaxy – have not yet been approved by US regulators. Bloomberg Intelligence analysts predict, that American investors, probably, See Ethereum Futures ETF Launch Earlier, than a fund with exposure to spot bitcoin.
