Institutional Investors Maintain Buying Momentum as Crypto Funds Record $43 Million Inflows
Institutional investors tighten their grip on cryptocurrency funds as the market records $43 million inflows in the last seven days marking an 11th consecutive week in the green zone.
A recent CoinShares Digital Asset Fund Flows report shows a sustained bullish sentiment on the part of institutional investors as they keep the pressure toward the new year and new monthly highs recorded by some assets.
The total inflows posted last week stood at $43 million, a drop from last week’s total but still enough to maintain bullish pressure as more entrants are recorded despite a slight market correction towards the end of the week.
According to analysts, eleven weeks of inflow come as the market notched an influx amid speculations of a potential spot Bitcoin (BTC) ETF approval by the Securities and Exchange Commission (SEC) which has rejected past applications citing market manipulation concerns.
In addition to an ETF approval, big investors see the recent upward trajectory as an opportunity to recover previous losses taken in the last year when Bitcoin and other assets touched lows not seen in years with some posting over 55% losses due to wider macroeconomic factors and industry implosions.
As expected, market leader Bitcoin recorded $20 million in the last seven days bringing its yearly total to $1.7 billion after a slow start to the year. Short Bitcoin also posted inflows of $8.6 million due to some traders viewing the massive hike in prices as unsustainable.
Bitcoin continued its market dominance in recent weeks after it soared past $44,000 before a price correction slipped the asset below the $41,000 mark. At press time, Bitcoin trades hands at $40,990 while the wider cryptocurrency market capitalization stands at $1.54
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