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Inflows to cryptocurrencies up for eighth week in a row

Inflows to cryptocurrencies up for eighth week in a row

Cryptocurrencies attracted $226.2 million in investment last week, marking their eighth consecutive week of inflows, revealed a report from digital asset manager CoinShares.

 

Over the eight-week period, total crypto inflows reached $638 million, for a cumulative total of $6.3 billion.

 

Bitcoin predictably led the way for other digital currencies, taking in $225 million in inflows, according to data for last week. The cryptocurrency also reached a value of $58,000 on Monday, boosted by persistent institutional demand as its legitimacy among investors continues to grow. On Tuesday, the world’s largest cryptocurrency by market value lost 3.6% of its value, to $55,402. Yet since the June low when its value fell to $28600, Bitcoin has seen its value rise by around 88%.

 

We believe that the turnaround in sentiment towards Bitcoin is due to constructive statements by SEC Chairman Gary Gensler, which has potentially enabled a Bitcoin ETF (exchange traded fund) in the US,” wrote James Butterfill, investment strategist at CoinShares.

 

At a conference a few weeks ago, US Securities and Exchange Commission Chairman Gary Gensler reiterated his support for Bitcoin ETFs that would invest in futures contracts instead of the digital currency itself.

 

In addition, blockchain data provider Glassnode, in its latest note, said that Bitcoin saw an increase in network activity in the first week of October, suggesting that new demand is starting to enter the fourth week of data.

 

Ethereum, meanwhile, saw minor outflows of $14 million as it continues to lose market share to Bitcoin. Other alternative cryptocurrencies, such as Solana or Cardano, recorded inflows of $12.5 million and $3 million respectively.

See Also

 

 

Read also > CHINA BANS BITCOIN, HONG KONG STOCK MARKET PLUNGES

 

Featured photo : © QuoteInspector.com

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