CoinShares: Capital Flow for Digital Currencies Sets Record of Year

Get real time updates directly on you device, subscribe now.

The products and funds of cryptocurrencies had record inflow of resources in the first 11 months of the year, despite declines in prices in recent weeks, according to industry data followed by CoinShares and released this Monday (29).

The total resources allocated to the sector totaled US$ 9.5 billion as of November 26, a record. In 2020, the total flow to bitcoin totaled US$ 6.7 billion. In the week, the volume totaled US$ 306 million.

Bitcoin saw the biggest capital inflows in five weeks, totaling $247 million according to CoinShares data, following the launch of another investment product in Europe.

Invesco has launched a bitcoin ETF in Europe, said press publications. CoinDesk, meanwhile, has reported that asset manager WisdomTree has listed a trio of cryptocurrency funds on the Swiss stock exchange SIX and on Frankfurt’s Börse Xetra.

Bitcoin has seen positive flows of funds for 11 straight weeks, totaling $2.7 billion, according to CoinShares.

Last week’s flow came after a 2.3% drop in price and after a 10.4% tumble the week before.

On Friday, bitcoin was down 9% after investors sold the digital currency and other risky assets in the face of fears about the omicron variant of Covid-19.

This Monday at 5:10 pm, bitcoin was trading up 1.1%, at around US$ 58,000.

“Inflation is soaring and people are looking for alternatives to their money in the bank,” said Ruud Feltkamp, ​​President Cryptohopper.

“I don’t think it’s going to be long before investors see this as a ‘cheap’ buying time. We are still in the middle of the bullish cycle and I think the increase in inflation it will take more money to be allocated to shares and cryptocurrencies,” he added.

Reference: CNN Brasil

Get real time updates directly on you device, subscribe now.

Leave A Reply

Your email address will not be published.