Optimism as Cryptocurrencies Post Inflows in Latest Week

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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.


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