Cryptocurrencies post inflows in latest week, led by bitcoin

Cryptocurrencies post inflows in latest week, led by bitcoin



Cryptocurrency products and funds posted inflows in the latest week, with investors undeterred by the latest price corrections, weekly data from digital asset manager CoinShares showed on Monday.

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Institutional investors poured in US$154 million in the crypto sector in the week ended Nov. 19, with a year-to-date total of US$9.2 billion, already exceeding total inflows of US$6.7 billion in 2020.

Bitcoin got the lion's share of inflows with US$114.4 million, equivalent to 74per cent of the total. So far this year, total inflows into bitcoin products and funds hit US$6.7 billion.

The inflows came despite a 10.4per cent drop in bitcoin last week. On Monday, bitcoin was down 4.5per cent at US$56,042. The world's largest cryptocurrency hit a record high of US$69,000 on Nov. 10.

"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 in New York.

Blockchain data provider Glassnode, in its latest research report on Monday, said bitcoin holders took profits after it hit a record high earlier this month.

"Spikes in on-chain profit-taking during bullish impulses are to be expected as price climbs to new highs, and are typical for any bull market. As the realization of profits increase, so too does the probability of establishing a macro top," Glassnode said.

Ethereum saw inflows for a fourth straight week, of US$12.6 million. Total inflows in the last four weeks were about US$80 million.