Cryptocurrencies publish inflows for 7 straight weeks, led by bitcoin – CoinShares knowledge By Reuters

By Gertrude Chavez-Dreyfuss

NEW YORK (Reuters) – Cryptocurrency funding merchandise and funds recorded inflows for a seventh straight week, as institutional buyers warmed to extra supportive statements from regulators, knowledge from digital asset supervisor CoinShares confirmed on Monday.

Inflows to the sector have been $90.2 million final week, led by bitcoin which snagged $69 million, in response to CoinShares knowledge as of Oct. 1. Over the previous seven weeks, crypto inflows reached $390 million. For 2021, inflows totaled $6.1 billion.

recorded its third straight week of inflows.

“We imagine this decisive turnaround in sentiment is because of rising confidence within the asset class amongst buyers and extra accommodative statements from the U.S. Securities Change Fee and the Federal Reserve,” wrote James Butterfill, funding strategist, at CoinShares.

SEC Chairman Gary Gensler final week at a Monetary Instances convention reiterated his assist for bitcoin alternate traded funds that might put money into futures contracts as an alternative of the digital foreign money itself.

A day later, Fed Chair Jerome Powell, in remarks earlier than Congress, mentioned the Fed had no intention of banning cryptocurrencies.

Bitcoin on Monday hit a four-week excessive of just below $50,000 and was final up 2.3% at $49,333.

Blockchain knowledge supplier Glassnode, in its newest analysis word on Monday, identified that as bitcoin rallied out of its slim buying and selling vary final week, roughly 10.3% of the circulating provide returned to an unrealized revenue.

merchandise and funds, in the meantime, posted one other week of inflows totalling $20 million, regardless of conceding market share to bitcoin in current weeks. Inflows to ether, the token for the Ethereum blockchain, to this point this yr quantity to $1 billion.

Ether was final down 0.4% at $3,403.

Nonetheless, regardless of consecutive weekly inflows throughout crypto merchandise, volumes have been low at $2.4 billion final week, CoinShares knowledge confirmed, in comparison with $8.4 billion in Might 2021.

Property beneath administration at Grayscale and Coinshares, the 2 largest digital asset managers, climbed final week to $41.1 billion and $4.6 billion, respectively.