By Gertrude Chavez-Dreyfuss

NEW YORK, (Reuters) – Inflows to bitcoin funds and products have reached a record $6.4 Billion so far in 2018, data from CoinShares, indicating that investors purchased the cryptocurrency based on greater government acceptance and positive momentum.

The largest digital asset inflows were $95 million in the last week. CoinShares data on Monday showed that $2.8 billion was the total amount of inflows in the 8-week cryptocurrency bull run.

CoinShares data from Nov. 5, showed that overall cryptocurrency funds and products saw inflows totaling $174 Million. This was the 12th consecutive week of inflows from institutional investors.

Bitcoin rose more than 4 percent to $66,555 Monday. This was close to the Oct. 20 record of $67,016.50. Meanwhile, ether (which underpins blockchain) reached an all-time high of $4,796.44.

Mikkel Morch (executive director of crypto and digital assets hedge funds ARK36) stated that the BTC price rise is a sign of an incredibly robust market setup.

The bitcoin exchange balance has fallen to a 3-year low, while the long-term supply of holders is at an all time high. There are just too many bitcoins in stock to meet demand.

There was also $31 Million invested last week by investors into Ethereum funds and products. Although Ethereum’s market share declined over the past months, bitcoin’s dominance continues to grow. However, recent positive price performances and high inflows have helped push its assets under management up to a record $22 billion.

Tron is a platform that hosts entertainment apps and has received inflows in excess of $79 Million over the past seven weeks. This makes it the eighth largest virtual asset by AUM.

Grayscale’s AUM and CoinShares’s, two of the largest digital asset manager, increased last week to $55.67 and $5.5 billion.