Optimism as Cryptocurrencies Post Inflows in Latest Week

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.

IT World Canada Staff
IT World Canada Staff
The online resource for Canadian Information Technology professionals.

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