Optimism as Cryptocurrencies Post Inflows in Latest Week

Share post:

Recent cryptocurrency data from digital wealth manager CoinSharesunds showed inflows last week, with investors remaining optimistic even after recent price corrections.

Institutional investors poured $154 million into the blockchain ecosystem in the week ending November 19, with a current total of $9.2 billion exceeding the total inflows of $6.7 billion in 2020.

Bitcoin accounted for the vast majority of inflows, at $114.4 million, or 74% of the total. Overall, inflows into bitcoin products and funds have so far risen to $6.7 billion.

The inflows came even after Bitcoin plunged 10.4% the previous week, with the world’s largest cryptocurrency hitting a record high of $69,000 on November 10.

Blockchain data provider Glassnode said bitcoin holders had racked up profits after the cryptocurrency hit a record high in early November.

Ethereum recorded inflows of $12.6 million for the fourth week in a row, bringing the total inflow for the past four weeks to $80 million.

Nevertheless, the data also showed that some old coins experienced small outflows for the first time in months, such as Cardano with outflows of $2.1 million.

However, inflows into Solana, another public blockchain, reached $8 million. Solana recorded inflows of $43 million last month compared with Cardanos’s $23 million.

Assets under Grayscale and CoinShares, the two largest digital asset managers, were $51.62 billion and $6.5 billion, respectively.

For more information, you may view the original story from Reuters.

SUBSCRIBE NOW

Related articles

ChatGPT mobile mania: Why users are flocking to ChatGPT Plus

On the day OpenAI unveiled GPT-4o, ChatGPT's mobile app saw a staggering 22% spike in revenue, marking its...

Study reveals the “disappearing internet”

In a surprising revelation, new research by the Pew Research Center indicates that the internet may not be...

Scarlett Johansson – did OpenAI use HER voice?

Hollywood star Scarlett Johansson expressed shock and anger after a new OpenAI chatbot debuted with a voice eerily...

Google criticizes Microsoft’s security practices in new report

Google has publicly criticized Microsoft for a series of security missteps, suggesting that organizations might consider more secure...

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