Virtual money funds have withdrawn more than $ 9 billion net since the start of the year
Cryptocurrency products and funds have still drawn in net capital for the past week, a sign that the recent declines in Bitcoin are not deterring investors from its all-time highs …
Reuters news agency, citing data from digital wealth management company CoinShares, said institutional investors poured 154 Million dollars in cryptocurrencies for the week ending November 19, bringing the total net capital these investors have invested in the crypto market so far this year to 9.2. Billion USD, exceeds the number 6.7 Billion USD of the whole year 2020.
Bitcoin, the world’s largest digital currency, remains the top-selling coin, with net capital inflows into Bitcoin products and funds at 114.4 over the past week Million dollars, or 74% of the total. As of the beginning of the year, the flow of capital into Bitcoin products and mutual funds has been 6.7. achieved Billion USD.
Virtual currencies in general, and Bitcoin in particular, are still attracting capital, despite the fact that Bitcoin price has fallen 10.4% over the past week.
According to data from Coinmarketcap.com, Bitcoin price was $ 56,364 on November 23 at over 4:00 p.m. Vietnamese time, 2.2% less than 24 hours ago.
On November 10, Bitcoin hit 69,000. an all time high USD.
“Bitcoin price is ripe for a correction and the price will not stop falling as long as traders believe a bottom has formed,” said Edward Moya, senior analyst at Oanda.
22, blockchain data provider Glassnode said investors took profits after Bitcoin price hit a record. This is one reason why Bitcoin price has fallen more than 18 percent from its high so far.
“Every time the price spikes to make a profit is completely predictable and a hallmark of any bull market,” the report said.
Last week was also the fourth week in a row that the second largest virtual currency in the world, Ethereum, had net capital from institutional investors with a principal of 12.6. received Million dollars. Within 4 weeks, Ethereum products and funds received a net of around 80 Million dollars.
Several other cryptocurrencies have seen their first divestment in months. For example, Cardano Coin 2.1 has been withdrawn by institutional investors Million dollars in this week.
Solana, another blockchain with virtual currency, net draw 8 Million dollars from institutional investors over the past week. In the past 1 month Solana has 43. smoked Million dollars, compared to 23 Million dollars of Cardano coins.
The assets under management of Grayscale and CoinShares, the two largest digital asset management companies in the world, are each 51.62. Billion USD and 6.5 Billion USD.