Institutional managers bought the dip as crypto funds see weekly inflows

According to data from CoinShares, institutional investors are concerned about the recent correction in the crypto market as Bitcoin (BTC) and Ether (ETH) specific digital asset funds continue to grow, according to data from CoinShares.

Cryptocurrency investment products, including exchange traded funds (ETFs), saw weekly inflows totaling $ 154 million for the week ending November 20, according to the report. As in previous weeks, Bitcoin investment products attracted the majority of the inflows at $ 114.4 million. Funds for Ether posted weekly inflows of $ 12.6 million and multi-asset products posted net investments of $ 14.1 million.

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 all cryptocurrencies.

Grayscale, is the largest crypto asset manager, Be recorded $ 51.9 billion in assets under management as of November 19

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October was a record month for Bitcoin funds, thanks in part to the approval of two futures-linked ETFs in the US. Institutional managers bought $ 2 billion worth of Bitcoin funds during the month as BTC price hit a new all-time high.

While November is less bullish for Bitcoin from a pricing perspective, the latest cash flow data shows that investors are not worried about a market correction. As reported by Cointelegraph, Bitcoin hit a low of around $ 56,500 on November 20 before correcting upwards. The leading cryptocurrency remains vulnerable to another short-term pullback as the price consolidates below $ 58,000.

Related: $ 60k turns into resistance – 5 things to watch for in Bitcoin this week

According to a recently Tweet from crypto analyst TechDev that the 2021 bull market has been 5 to 8 days behind the 2017 cycle since July. If the trend continues, Bitcoin and the broader market could break higher in the medium term.

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