2021-11-9 16:19 |
Inflows into Bitcoin investment products have hit a record $8.9 billion so far this year, surpassing last year’s $6.7 bln record high, as per the weekly data from digital asset manager CoinShares.
Amidst this, early on Tuesday, Bitcoin hit a new all-time high at $68,660 as investors buy the cryptocurrency on positive momentum, as an inflationary hedge, and more widespread government acceptance.
For the week ending November 5, out of the total $174 million of inflows, Bitcoin accounted for $95 million of it. During this 8-week bull run, Bitcoins’ total inflows have been $2.8 bln, with its year-to-date inflows coming at a record $6.4 billion.
“The BTC price surge is just a confirmation of an incredibly strong market setup that has been developing throughout October,” said Mikkel Morch, executive director at crypto hedge fund ARK36.
“As bitcoin exchange balance is at a three-year low while long-term holder supply is at an all-time high, there are simply too few bitcoins available to keep up with the demand.”
Enthusiasm for crypto adoption and worry about inflation is driving the momentum into the asset class. Much like crypto, risk-on sentiments can also be seen in the global stock market, which is hitting new highs as investors welcome the passage of a trillion-dollar U.S. infrastructure spending bill.
The S&P 500 and the Nasdaq extended their gains to eight straight sessions while Dow Jones meanwhile notched its second consecutive record closing high.
Even gold has managed to rise to a two-month high, above $1,820 per ounce, bolstered by a weaker dollar and persistent inflation concerns.
Additionally, Q4 seasonality favors the cryptocurrency, and even astrology sees the market rallying going into the new year.
15/ ii. January 2022 to end-February 2022:
Mercury retrograde could result in some uncertainty over Bitcoin stemming from particular pieces of news and information.
This uncertainty could spill past February given some contractionary signals:
— QCP Capital (@QCPCapital) November 4, 2021
Excluding Bitcoin, cryptocurrency products posted their 12th consecutive week of inflows from institutional investors.
Ether, which also made a new high at $4,845, saw $31.4 million of inflows last week, reflecting renewed positive sentiment.
“Crypto is where the fast money is at,” said Chris Weston, head of research at brokerage Pepperstone. “(Ether) is trending like a dream, and I'd be long and strong here,” he added. “Clients are net-long, with 79% of open positions held long, and I can sense the $5k party could get going soon.”
While Ehereum’s market share has been declining as Bitcoin’s dominance grew over recent months, its strong price performance sign with inflows pushed its assets under managed to a record high of $20 billion as well compared to Bitcoin’s $53.3 billion.
Surprisingly, Justin Sun founded Tron recorded 3rd largest inflows at $21.9 million, bringing its year-to-date inflows to $79 million, making it the 8th largest by AUM.
TRX 5.53%
TRON / USD
TRXUSD
$ 0.11
$0.01
5.53%
Volume 3.01 b
Change $0.01
Open $0.11
Circulating 71.66 b
Market Cap 8.2 b
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5 h
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3 w
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AUM at Grayscale and CoinShares also rose last week to $55.67 billion and $5.5 billion, respectively.
Altcoins remain popular with markable inflows from Polkadot totaling $9.6 million, representing its largest weekly on record.
DOT -5.10%
Polkadot / USD
DOTUSD
$ 50.93
-$2.60
-5.10%
Volume 1.92 b
Change -$2.60
Open $50.93
Circulating 987.58 m
Market Cap 50.3 b
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5 h
Sharp Pick Up in Demand: BTC Price Aims for $69k as Inflows into Bitcoin Hit A New Record of $8.9 Billion
4 d
Grayscale Adds Avalanche (AVAX) and Terra (LUNA) to its Investment Product Consideration List
1 w
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Solana and Cardano also saw inflows of $8.5 million and $5 million respectively. Litecoin was the only asset that recorded outflows of $1.9 million.
SOL -3.62%
Solana / USD
SOLUSD
$ 240.26
-$8.70
-3.62%
Volume 2.99 b
Change -$8.70
Open $240.26
Circulating 302.65 m
Market Cap 72.71 b
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ADA 8.07%
Cardano / USD
ADAUSD
$ 2.29
$0.18
8.07%
Volume 7.16 b
Change $0.18
Open $2.29
Circulating 33.28 b
Market Cap 76.18 b
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5 h
Sharp Pick Up in Demand: BTC Price Aims for $69k as Inflows into Bitcoin Hit A New Record of $8.9 Billion
4 d
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1 w
Ether Price Hits New ATH After Breaking its Dry Spell with Inflows, Bitcoin Implied Volatility Trends Down
LTC 18.85%
Litecoin / USD
LTCUSD
$ 269.81
$50.86
18.85%
Volume 6.8 b
Change $50.86
Open $269.81
Circulating 68.94 m
Market Cap 18.6 b
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“We're getting the feeling that the market has shifted,” said Matthew Dibb, COO at Singapore-based crypto asset manager Stack Funds, pointing to a sharp pick up in demand from large investors and even pension funds.
“People are now figuring out that not having any exposure, even a small amount, is probably not a good thing moving forward, so they're having to allocate at this price.”
Overall, the total market cap has now surpassed $3 trillion.
Bitcoin BTC $ 66,607.44 -0.36% +0.97% +5.13% baseUrl = "https://widgets.cryptocompare.com/"; var scripts = document.getElementsByTagName("script"); var embedder = scripts[scripts.length - 1]; var cccTheme = {"Chart": {"fillColor": "rgba(248,155,35,0.2)", "borderColor": "#F89B23"}}; (function () { var appName = encodeURIComponent(window.location.hostname); if (appName == "") { appName = "local"; } var s = document.createElement("script"); s.type = "text/javascript"; s.async = true; var theUrl = baseUrl + 'serve/v1/coin/chart?fsym=BTC&tsym=USD'; s.src = theUrl + (theUrl.indexOf("?") >= 0 ? "&" : "?") + "app=" + appName; embedder.parentNode.appendChild(s); })(); See Details Ethereum ETH $ 4,749.47 -0.65% -0.61% +5.49% baseUrl = "https://widgets.cryptocompare.com/"; var scripts = document.getElementsByTagName("script"); var embedder = scripts[scripts.length - 1]; var cccTheme = {"Chart": {"fillColor": "rgba(248,155,35,0.2)", "borderColor": "#F89B23"}}; (function () { var appName = encodeURIComponent(window.location.hostname); if (appName == "") { appName = "local"; } var s = document.createElement("script"); s.type = "text/javascript"; s.async = true; var theUrl = baseUrl + 'serve/v1/coin/chart?fsym=ETH&tsym=USD'; s.src = theUrl + (theUrl.indexOf("?") >= 0 ? "&" : "?") + "app=" + appName; embedder.parentNode.appendChild(s); })(); See Details The post Sharp Pick Up in Demand: BTC Price Aims for k as Inflows into Bitcoin Hit A New Record of .9 Billion first appeared on BitcoinExchangeGuide.Similar to Notcoin - TapSwap on Solana Airdrops In 2024
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