You are here: Home Crypto Updates

Institutional managers bought the dip as crypto funds see $154M in weekly inflows

— November 22, 2021 0 comment

http://jaberwalk.victoryc.hop.clickbank.net/

Institutional investors were unfazed by the recent correction in the cryptocurrency markets, as digital asset funds dedicated to Bitcoin ( $93,503.00 ) (BTC) and Ether (ETH) continued to grow, according to data from CoinShares. 

Crypto investment products, which include exchange-traded funds (ETFs), saw weekly inflows totaling $154 million for the week ending Nov. 20, according to CoinShares’ latest fund flows report. Like in previous weeks, Bitcoin ( $93,503.00 ) investment products attracted most of the inflows at $114.4 million. Funds devoted to Ether saw weekly inflows of $12.6 million and multi-asset products registered $14.1 million in net investments.

Year-to-date, institutional investors have allocated over $6.6 billion to Bitcoin ( $93,503.00 ) products, $1.17 billion to Ether products and more than $9.2 billion to crypto as a whole.

Grayscale, which is the largest crypto asset manager, recorded $51.9 billion in assets under management as of Nov. 19.

October was a record-breaking month for Bitcoin ( $93,503.00 ) funds thanks in part to the approval of two futures-linked ETFs in the United States. Institutional managers bought $2 billion worth of Bitcoin ( $93,503.00 ) funds over the course of the month as the BTC price reached new all-time highs. 

Although November has been less bullish for Bitcoin ( $93,503.00 ) from a price perspective, the latest funds flows data suggests that investors are not concerned by the market correction. As Cointelegraph reported, Bitcoin ( $93,503.00 ) touched a low of around $56,500 on Nov. 20 before correcting higher. The flagship cryptocurrency remains vulnerable to another pullback in the short term as price consolidates below $58,000.

Related: $60K becomes resistance — 5 things to watch in Bitcoin ( $93,503.00 ) this week

According to a recent tweet from crypto analyst TechDev, the 2021 bull market has been lagging the 2017 cycle by five-to-eight days as of July. If the trend continues, Bitcoin ( $93,503.00 ) and the broader market could be poised for a breakout higher in the medium term.