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    HomeUncategorizedHalf a Billion Has Poured Into Bitcoin Funds in Past Three Weeks

    Half a Billion Has Poured Into Bitcoin Funds in Past Three Weeks

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    Institutional investors have put half a billion worth of assets into digital asset investment products—mostly ones that hold Bitcoin—in the last three weeks, reversing the down trend that’s been plaguing crypto funds since April.

    According to a recent report by CoinShares, digital asset investment products registered $136 million in inflows in the past seven days, bringing the 3-week total to $470 million.

    This half a billion eclipses and erases the previous nine weeks of outflows–bringing year-to-date flows to a bullish $231 million.

    Digital asset investment firm CoinShares follows the investment activity of important exchange-traded products, mutual funds, and over-the-counter (OTC) trusts, in cryptocurrencies such as Bitcoin, Ethereum and other altcoins and publishes its findings in a weekly report.

    Glassnode noted that exchange inflows are at a cycle low, registering $2.3 billion in deposits. In conjunction with today’s CoinShares report, these numbers suggest that institutions might be bullish.

    Bitcoin is by far the most solicited asset, clocking $133 million in buying done by institutions this past week. With weekly inflows for crypto-related investments reaching $136 million, the interest in the top digital asset accounts for an astounding 98% of institutional investments.

    In second place, Ethereum filed a meager $2.9 million on the week, registering a negative year-to-date outflow of $63 million.

    Aside from Solana–which recorded $1.2 million in inflows–nearly every other altcoin saw less than $1 million in activity from institutional investors. Cardano was the only cryptocurrency that was led by the bears, according to CoinShares, reporting $1.3 million in outflows.

    Germany-based funds led the week, with $61.5 million in inflows, marking a solid $212 million in institutional activity on the year. The United States landed in second place over the past seven days, posting $55.9 million, followed from afar by Canada and Switzerland, who lodged $11 million and $8.9 million respectively.

    James Butterfill, head of research at Coinshares, indicated that despite this recent surge, volumes remain at seasonal lows.

    The Northern Hemisphere typically dies down from July through August, wrote Butterfil, showcased by investment products totaling $1 billion on the week, down from $2.5 billion in the previous two.

    Stay on top of crypto news, get daily updates in your inbox.

    Source: Decrypt.co

    The post Half a Billion Has Poured Into Bitcoin Funds in Past Three Weeks appeared first on Crypto Breaking News.

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