Institutional investors have not been affected by the recent correction in the cryptocurrency markets, according to CoinShares, as digital asset funds dedicated to Bitcoin (BTC) and Ether (ETH) continued to rise.
Crypto investment products, including exchange-traded funds (ETFs), received weekly inflows of $154 million for the week ending November 20, according to the latest money flow report from CoinShares. As in previous weeks, Bitcoin investment products attracted most of the $114.4 million in inflows. The weekly inflow of funds earmarked for Ether was $12.6 million, while the net investment value of products with multiple assets was $14.1 million.
This year, institutional investors have pledged more than $6.6 billion in bitcoin products, $1.17 billion in ether products, and more than $9.2 billion in cryptocurrencies overall.
As of November 19, Grayscale, the world’s largest crypto asset manager, had $51.9 billion in total assets.
October was a record month for bitcoin funds, thanks in part to the approval of two ETFs in the US. Institutional leaders bought $2 billion worth of bitcoins during the month when the bitcoin price hit new highs.
While November was less optimistic about Bitcoin in terms of price, the latest cash flow data indicates that investors are not worried about a market correction. As reported by Cointelegraph, Bitcoin price reached a low of $56,500 on November 20 before correcting higher. The major cryptocurrency remains vulnerable to another drop in the short term as the price consolidates below $58,000.
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According to a recent tweet by crypto analyst TechDev, the 2021 bull market has lagged the 2017 cycle by five to eight days since July. If the trend continues, Bitcoin and the market as a whole may be ready for a higher spread in the medium term.