INSUBCONTINENT EXCLUSIVE:
Bitcoin got the lion's share of inflows with $114.4 million, equivalent to 74% of the total.New York: Cryptocurrency products and funds
posted inflows in the latest week, with investors undeterred by the latest price corrections, weekly data from digital asset manager
CoinShares showed on Monday.Institutional investors poured in $154 million in the crypto sector in the week ended November 19, with a
year-to-date total of $9.2 billion, already exceeding total inflows of $6.7 billion in 2020.Bitcoin got the lion's share of inflows with
$114.4 million, equivalent to 74% of the total
So far this year, total inflows into bitcoin products and funds hit $6.7 billion.The inflows came despite a 10.4% drop in bitcoin last week
On Monday, bitcoin was down 4.5% at $56,042
The world's largest cryptocurrency hit a record high of $69,000 on Nov
10."Bitcoin was ripe for a pullback and it might not be over yet before traders confidently feel a bottom has been made," said Edward Moya,
senior market analyst at OANDA in New York.Blockchain data provider Glassnode, in its latest research report on Monday, said bitcoin holders
took profits after it hit a record high earlier this month."Spikes in on-chain profit-taking during bullish impulses are to be expected as
price climbs to new highs, and are typical for any bull market
As the realization of profits increase, so too does the probability of establishing a macro top," Glassnode said.Ethereum saw inflows for a
fourth straight week, of $12.6 million
Total inflows in the last four weeks were about $80 million.Some altcoins though, for the first time in many months, saw minor outflows,
such as Cardano, with outflows of $2.1 million, data showed.But inflows into Solana, another public blockchain, totaled $8 million
By measure of total inflows over the last month, Solana has seen inflows of $43 million over the last month versus Cardano's $23
million.Assets under management at Grayscale and CoinShares, the two largest digital asset managers, were at $51.62 billion and $6.5
billion, respectively.(This story has not been edited by TheIndianSubcontinent staff and is auto-generated from a syndicated feed.)
