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.