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Cryptocurrency after 5 consecutive weeks of inflow-CoinShares

New York: Cryptocurrency investment products and funds have flowed in for the fifth straight week as sector market sentiment continues to improve, data from digital asset manager CoinShares showed on Monday.

Cryptocurrency inflows for the week ending September 17 were $ 41.6 million, Bitcoin inflows were $ 15.3 million, and ether products inflows were $ 6.6 million. The data showed that the inflow was seen entirely.

The inflow of digital currencies in 2021 was still strong at $ 5.96 billion.

James Butterfill, an investment strategist at CoinShares, said:

“This suggests that some investors are taking advantage of the recent price slump and the continued rise in altcoin’s popularity,” he added.

According to the report, Bitcoin suffers most from the negative sentiment of investors influx in just three of the last 16 weeks. During the year, he added that total market share of assets under management fell from 81% in January to just 67% last Friday.

Overall, the annual Bitcoin inflow reached $ 4.2 billion.

Blockchain data provider Glassnode acknowledged in its latest note on Monday the current macroeconomic background characterized by rising uncertainty in China’s credit market. However, even under these circumstances, “the price behavior of Bitcoin and the reaction of investors on the chain seem to be relatively strong.”

Glassnode believes that Bitcoin forms an “integrated trading range”.

Bitcoin hit a four-month high above $ 52,000 on September 6, but is now down 7.4% to $ 43,748.

Grayscale remains the largest crypto asset manager, with AUM of $ 43.2 billion, up from about $ 28.5 billion in mid-August to early August.

CoinShares, the second largest digital asset manager, had an AUM of $ 4.2 billion.

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Cryptocurrency after 5 consecutive weeks of inflow-CoinShares

Source link Cryptocurrency after 5 consecutive weeks of inflow-CoinShares

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