2021-11-16 16:40 |
Crypto asset investment products saw inflows of $151 million in the week ending November 12, representing the 13th consecutive week of inflows which brings the year-to-date inflows to a record $9 billion.
At $97.5 million, Bitcoin accounted for the majority of inflows that pushed its assets under management to a record $56 billion. For this year, the inflows now come to $6.5 billion, according to the latest weekly report of CoinShares.
Ethereum also continues to see inflows, with last week’s coming at $17 million, pushing the total AUM past $21 billion for the first time.
Altcoin inflows, meanwhile, were led by Cardano, with its inflows totaling $16 million last week. However, no discernible catalyst has been identified at this time yet but could be “due to increasing positive investor sentiment for “World computer” coins,” said James Butterfill, investment strategist at CoinShares.
ADA -5.59%
Cardano / USD
ADAUSD
$ 1.93
-$0.11
-5.59%
Volume 3.02 b
Change -$0.11
Open $1.93
Circulating 33.31 b
Market Cap 64.18 b
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Solana, Polkadot, and XRP are other altcoins attracting inflows totaling $9.8 million, $5.2 million, and $3.1 million respectively. Tron was the only crypto asset product recording outflows of $1 million.
SOL -5.85%
Solana / USD
SOLUSD
$ 226.30
-$13.24
-5.85%
Volume 3.53 b
Change -$13.24
Open $226.30
Circulating 303.47 m
Market Cap 68.67 b
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DOT -8.14%
Polkadot / USD
DOTUSD
$ 42.27
-$3.44
-8.14%
Volume 2.92 b
Change -$3.44
Open $42.27
Circulating 987.58 m
Market Cap 41.75 b
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13 Consecutive Week of Inflows Send Bitcoin AUM to A Record $56B and Ether’s Past $21B For The First Time
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XRP -6.89%
XRP / USD
XRPUSD
$ 1.11
-$0.08
-6.89%
Volume 4.7 b
Change -$0.08
Open $1.11
Circulating 47.16 b
Market Cap 52.27 b
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TRX -10.46%
TRON / USD
TRXUSD
$ 0.11
-$0.01
-10.46%
Volume 3.59 b
Change -$0.01
Open $0.11
Circulating 71.66 b
Market Cap 8.03 b
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1 h
13 Consecutive Week of Inflows Send Bitcoin AUM to A Record $56B and Ether’s Past $21B For The First Time
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Despite the positive flows, volumes remained subdued in the second half of the year averaging $750 million in daily volume versus $960 million in the first half of 2021.
Charts of interest to me
I am interested in buying $BTC around $53,000 and $ETH around $4,030 pic.twitter.com/neTqSkEFOR
— Peter Brandt (@PeterLBrandt) November 15, 2021
Meanwhile, this week, crypto asset prices are taking a bit of a beating, with Bitcoin falling under $60,000 while Ether is going to nearly $4,100. With altcoins also sliding, the crypto market cap has fallen to $2.728 trillion.
It “would be unusual to keep moving up without corrections,” said Vijay Ayyar, head of Asia Pacific with crypto exchange Luno in Singapore. He argued that “we’re seeing a healthy pullback” after a prolonged rally.
According to some, new tax-reporting requirements for digital currencies that are part of the trillion-dollar bill signed by President Joe Biden into law is part of the reason for the small pullback to a level last seen earlier this month.
“We’ve seen the U.S. infrastructure bill get signed, which has initiated a selloff from traders who are concerned about regulation and taxation,” said Hayden Hughes, chief executive officer of Alpha Impact.
Amidst all this, after cracking down on cryptocurrency mining, China is now studying the option of levying punitive power prices for companies involved in it, as per National Development and Reform Commission spokeswoman Meng Wei.
Since June, Bitcoin has more than doubled in value, driven by the recently launched futures-based Bitcoin exchange-traded funds (ETF) in the US. Over this past weekend, the network went through a major upgrade since 2017 called Taproot.
“There is a lack of news, and this is some pure selling of spot and some additions of short selling. Outside of this, there is no significant news,” said Matthew Dibb, chief operating officer at Singapore-based crypto asset manager Stack Funds.
Bitcoin BTC $ 60 907.76 -5.75% Ethereum ETH $ 4 306.13 -7.49% Binance Coin BNB $ 590.22 -7.56% The post 13 Consecutive Week of Inflows Send Bitcoin AUM to A Record B and Ether’s Past B For The First Time first appeared on BitcoinExchangeGuide.Similar to Notcoin - TapSwap on Solana Airdrops In 2024
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