2021-11-23 17:26 |
Cryptocurrency funds and products posted another week of inflows as institutional investors poured in $154 million in the week ended Nov. 19. This brings in year-to-date crypto inflows to $9.2 billion, far surpassing $6.7 billion in 2020.
In contrast to crypto, investors have ploughed a total of $1 trillion into equities, according to BofA. “10-year U.S. real rates now -4.6%, a level in the past 200 years that has been associated with panics, inflations, wars & depression, and a level today increasingly responsible for froth in crypto, commodities, and U.S. stocks,” said Michael Hartnett at BofA.
In crypto, Ethereum had its fourth straight week of inflows at $12.6 million, bringing this four-week tally to about $480 million.
Meanwhile, some altcoins like Tron and XRP saw minor outflows for the first time in many months, led by Cardano at $2.1 million.
TRX -1.12%
TRON / USD
TRXUSD
$ 0.10
$0.00
-1.12%
Volume 2.26 b
Change $0.00
Open $0.10
Circulating 71.66 b
Market Cap 7.38 b
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XRP -0.62%
XRP / USD
XRPUSD
$ 1.05
-$0.01
-0.62%
Volume 3.02 b
Change -$0.01
Open $1.05
Circulating 47.16 b
Market Cap 49.63 b
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ADA -0.92%
Cardano / USD
ADAUSD
$ 1.79
-$0.02
-0.92%
Volume 1.59 b
Change -$0.02
Open $1.79
Circulating 33.31 b
Market Cap 59.59 b
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Among other altcoins, Solana recorded inflows of $8.5 million. Over the last month, its inflows totaled $43 million versus Cardano at $23 million.
SOL -2.76%
Solana / USD
SOLUSD
$ 216.66
-$5.98
-2.76%
Volume 2.56 b
Change -$5.98
Open $216.66
Circulating 303.78 m
Market Cap 65.82 b
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According to the weekly data from digital asset manager CoinShares, Bitcoin, yet again, accounted for the lion’s share of these inflows at $114.4 million. So far this year, total inflows into Bitcoin products and funds have hit $6.7 billion.
Bitcoin continuing to see the majority of inflows has helped it retain its assets under management (AuM) share of 67% over the last month amongst investment products. This may be due to the recently launched ETFs in the US, which saw over 90% of inflows into Bitcoin, as per the report.
The inflows came despite Bitcoin falling from its all-time high of $69,000 to nearly $55,500, “seemingly not impacting the positive investor sentiment.”
According to Glassnode, on-chain data showed that bitcoin holders took profit which is to be expected as price climbs, and it is also typical for any bull market. “As the realization of profits increase, so too does the probability of establishing a macro top,” it noted.
As of writing, BTC/USD is trading around $57k.
“Bitcoin was ripe for a pullback, and it might not be over yet before traders confidently feel a bottom has been made,” said Edward Moya, senior market analyst at OANDA.
Meanwhile, this week, Los Angeles Rams’ newly-acquired wide receiver Odell Beckham Jr. announced that he would receive his total salary from the Rams in BTC.
“It's a NEW ERA & to kick that off, I'm hyped to announce that I'm taking my new salary in bitcoin thanks to CashApp,” he wrote on Twitter.
Bitcoin BTC $ 57 241.15 -1.61% Ethereum ETH $ 4 286.45 +1.16% Binance Coin BNB $ 594.43 +2.81% The post Investors Unfazed by Profit-taking as Another Week of Flows Bring YTD Crypto Inflows to .2B first appeared on BitcoinExchangeGuide.Similar to Notcoin - TapSwap on Solana Airdrops In 2024
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