Cryptocurrencies Post Inflows In Latest Week

Bitcoin made up the bulk of the $114.4 million inflow, or 74% of the total.

New York: Last week, cryptocurrency goods and funds leaked and investors worried about the recent price adjustments, weekly data from digital asset manager CoinShares showed on Monday.

Institutional investors poured $154 million into the crypto sector in the week of November 19, a total of $9.2 billion since the start of the year, which is already on top of the $6.7 billion inflow total in 2020.

Bitcoin made up the bulk of the $114.4 million inflow, or 74% of the total. So far this year, the total inflow of Bitcoin products and funds has reached $6.7 billion.

Despite the 10.4% drop in Bitcoin last week, there is an inflow. Bitcoin fell 4.5% on Monday to $56,042. The world’s largest cryptocurrency hit a record high of $69,000 on November 10.

“Bitcoin is ripe for a drawdown and may not end until traders believe they have bottomed out,” said Edward Moya, senior market analyst at OANDA in New York. Ricefield.

Blockchain data provider Glassnode said in its latest research report on Monday that Bitcoin holders are profiting after hitting record highs earlier this month.

“Profits jumping down the chain during an uptrend are expected as prices reach new highs and are typical of any bull market. As realized gains increase, it is possible to set macro peaks. These will also increase,” Glasnode said.

Ethereum reported an inflow of $12.6 million for the fourth week in a row. Total inflows over the past four weeks were approximately $80 million.

However, some altcoins are reporting smaller flows like Cardano with a $2.1 million leak for the first time in months.

However, the inflow to another public blockchain, Solana, is $8 million. When measuring total inflows last month, Solana saw inflows of $43 million last month, compared to $23 million for Cardano.

The two largest digital asset managers, Grayscale and CoinShares, manage $51.62 billion and $6.5 billion of assets, respectively.