Main crypto fund supervisor Bitwise Asset Administration reached a serious milestone within the fourth quarter of 2020 as inflows into its merchandise surged to new report highs, underscoring heightened institutional demand for digital belongings.

The agency’s belongings underneath administration, or AUM, surpassed $500 million, in keeping with a Monday press launch. That’s a substantial enhance from the $100 million in AUM held on Oct. 28, 2020.

The press launch reads:

“Bitwise noticed report inflows into its funds throughout This fall 2020, surpassing the full cumulative inflows of 2018 and 2019 mixed.”

A lot of the new demand got here from funding professionals corresponding to monetary advisers, hedge funds, firms and different institutional buyers.

The Bitwise 10 Crypto Index Fund, which supplies broad publicity to the most important digital belongings, is by far the most well-liked product, with over $400 million in belongings underneath administration. The fund holds Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and 7 different cryptocurrencies.

Bitwise says demand for its Bitcoin and Ethereum-focused funds additionally noticed increased demand within the fourth quarter.

Hunter Horsley, Bitwise’s co-founder and CEO, mentioned “The velocity at which skilled buyers are shifting into crypto proper now could be exceptional.”

Earlier than the brand new 12 months, Bitwise introduced it had liquidated its place in XRP in response to the lawsuit filed towards Ripple Labs by the USA Securities and Alternate Fee. Past the XRP fiasco, the cryptocurrency market seems poised to broaden as extra institutional buyers come on board.

David Lawant, a analysis analyst at Bitwise, not too long ago informed Cointelegraph that there’s much less “profession danger” for coming into crypto, which implies extra establishments are approaching board. Bitcoin’s rising attraction as a safe-haven asset that may probably offset the so-called “nice financial inflation” has grow to be a key catalyst for adoption, he mentioned.