Institutional investors aren’t worried about the recent correction in the crypto market as Bitcoin and Ether-specific digital asset funds continue to grow, according to CoinShares.
Cryptocurrency investment products, including ETFs, recorded a total of $ 154 million in weekly inflows last week (ending Nov. 20). As in previous weeks, Bitcoin investment products attracted the bulk of the inflows at $ 114.4 million, while funds for ethers saw $ 12.6 million and multi-product products.
To date, institutional investors have allocated more than $ 6.6 billion to bitcoin products, $ 1.17 billion to ether products, and over $ 9.2 billion to cryptocurrencies.
As the largest crypto asset manager, Grayscale had $ 51.9 billion in assets under management as of November.
UPDATE 11/19/21: Net assets under management, stocks per unit and market price per unit for our investment products.
Total assets: $ 51.9 billion$ BTC $ BAT $ BCH $ LINK $ MANA $ ETH $ ETC $ FIL $ ZEN $ LTC $ LPT $ XLM $ ZEC $ UNI $ AAVE $ COMP $ CRV $ MKR $ SUSHI $ SNX $ YFI $ UMA $ Billion $ ADA $ SOL pic.twitter.com/uJNo2skPX0
– grayscale (@grayscale) November 19, 2021
October was a record month for Bitcoin funds, thanks in part to the approval of two futures-based ETFs in the US. Institutional managers bought $ 2 billion worth of funds during the month as BTC price hit a new all-time high.
Although November is less optimistic for Bitcoin, the latest cash flow data shows that investors are not worried about a market correction. Bitcoin hit a low of around $ 56,500 on November 20 before climbing higher. The leading cryptocurrency is likely to decline further in the short term if the price still consolidates below $ 58,000.
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According to Cointelegraph