CoinShares: Cryptocurrencies Post Inflows 7 Straight Weeks

Share post:

According to CoinShares, cryptocurrency investments recorded inflows for the seventh week in a row, with inflows into the sector last week at $90.2 million and bitcoin dominating the trend at $69 million.

While inflows for the past seven weeks have now reached $390 million, inflows for 2021 are currently pegged at $6.1 billion. James Butterfill, investment strategist at CoinShares, commented on the latest developments and the factors driving such a turnaround: “We believe this decisive turnaround in sentiment is due to growing confidence in the asset class amongst investors and more accommodative statements from the U.S. Securities Exchange Commission and the Federal Reserve.”

While Bitcoin recorded inflows for the third week in a row, Ethereum products and funds recorded another week of inflows totalling about $20 million, with inflows totalling $1 billion for the year. Also, while Bitcoin last rose 2.3% to $49,333, Ether was last down 0.4% to $3,403.

For more information, read the original story in Reuters.



Related articles

Nvidia’s CTO says cryptocurrency is “useless” for society

Nvidia has declared that cryptocurrencies offer "nothing useful for society", despite its powerful processors selling in vast quantities...

Crypto winter presents difficulties for Bitcoin ATM operators

The cryptocurrency market has been experiencing a significant downturn, also known as "crypto winter," and operators of bitcoin...

New FTX CEO plans to revive bankrupt FTX

The bankrupt cryptocurrency exchange FTX is considering resuming operations, according to Chief Executive Officer John Ray. Mr. Ray stated...

Chainalysis says ransomware payments reduced by 40% in 2022

According to a new report by blockchain forensics firm Chainalysis, ransomware payments are down 40.58% as more victims...

Become a member

New, Relevant Tech Stories. Our article selection is done by industry professionals. Our writers summarize them to give you the key takeaways