Institutional managers buy bitcoin dip as weekly inflows into crypto funds hit $ 154 million

Institutional investors aren’t worried about the recent correction in the crypto market as Bitcoin and Ether-specific digital asset funds continue to grow, according to CoinShares.

Cryptocurrency investment products, including ETFs, recorded a total of $ 154 million in weekly inflows last week (ending Nov. 20). As in previous weeks, Bitcoin investment products attracted the bulk of the inflows at $ 114.4 million, while funds for ethers saw $ 12.6 million and multi-product products.

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 cryptocurrencies.

As the largest crypto asset manager, Grayscale had $ 51.9 billion in assets under management as of November.

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

Although November is less optimistic for Bitcoin, the latest cash flow data shows that investors are not worried about a market correction. Bitcoin hit a low of around $ 56,500 on November 20 before climbing higher. The leading cryptocurrency is likely to decline further in the short term if the price still consolidates below $ 58,000.

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Annie

According to Cointelegraph

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