The Bulls Are Back: Crypto Institutional Inflows Balloon To 2021 Levels
05 Dicembre 2023 - 11:55AM
NEWSBTC
Crypto investment products have experienced another week of
inflows, bringing the run to 10 consecutive weeks. According to
CoinShares’ latest report on digital asset investment funds,
inflows into crypto products totaled $176 million last week,
bringing the total inflow in 10 weeks to $1.76 billion. The timing
is not a coincidence, as most cryptocurrencies turned green again
last week in terms of price action. Total Crypto Inflows Hit
$1.76 Billion In 10 Weeks After a lackluster action for most of the
year and some weeks of net outflows, the most recent data shows
smart money investors are betting big on crypto again. Investments
in digital asset funds have been on the rise for the past two
months, ignited by the crypto market bull run which started in the
middle of October. As a result, the inflows have ballooned every
week, breaking levels not seen since 2021’s crypto market bull
run. Related Reading: Dogecoin Price Rallies To 4-Month Highs
– Can Bulls Take It Above $0.3? Digital asset investment funds
ended November with an inflow of $176 million, although down from
the $346 million registered in the week before. Most of the money
last week went into Bitcoin, with the cryptocurrency seeing $133
million in inflows. Bitcoin remains the most popular digital
asset for institutions, and interest has really piqued with the
applications of spot Bitcoin ETFs in the US waiting for approval
from regulators. As a result, the crypto has strengthened since
October, breaking various price levels and resistances, the latest
being the $42,000 price level. The sentiment has also flowed into
the altcoin market. Ethereum saw inflows of $31 million last week,
bringing its 5-week inflow run to a total of $134 million.
Multi-asset investment products that provide exposure to a basket
of crypto assets saw $2.3 million in new investment. Total
market cap at $1.5 trillion | Source: Crypto Total Market Cap on
Tradingview.com Solana and XRP saw inflows of $4.3 million and $0.5
million respectively. On the other hand, Litecoin saw outflows of
$0.2 million, and Short Bitcoin products saw $3.6 million inflows
after three consecutive weeks of outflows. Most of the
inflows came in from Canada, Germany, and the US, which saw inflows
of $79 million, $57 million, and $54 million respectively.
Australia and Sweden also saw outflows of $0.5 million and $0.2
million respectively. However, the overall trend shows institutions
are still bullish on crypto in the long run. Related Reading: XRP
Price Set To Explode: Analyst Identifies Trigger For Next Parabolic
Move It’s exciting to see such numbers again, as they are
reminiscent of past bullish sentiment in the crypto industry.
According to CoinShares, this run of inflows is now the largest
since October 2021, which saw the launch of the futures-based ETF
in the US. Assets under management have also risen by 107%
this year and are now at $46.2 billion, but still below the $86.6
billion seen in 2021. However, this record is ready to be overtaken
in the coming year, as the latest data provides further evidence
that institutional interest in the crypto market will continue for
a while. Featured image from CNBC, chart from Tradingview.com
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