China’s crypto ban observes weekly inflows of $95M
According to CoinShares Weekly Report, cryptocurrency funds saw an inflow of $95 million in the week leading up to September 24, recording more than double the pace of the previous week’s.
Crypto prices took a hit with the recent crypto ban in China, leading investors to seize buying opportunities and expand their crypto portfolios.
Last week’s inflow has brought the total inflows over the last six weeks to $320 million.
Out of the total, Bitcoin has recorded $50 million in inflows, its largest inflow in three weeks. Bitcoin was affected by negative investor sentiment over the last two quarters, recording inflows just four times out of the total 17 weeks.
Following Bitcoin, Ethereum surpassed inflows worth $29 million, a comparatively larger figure than the previous week which saw Ethereum recording $6.6 million in inflows.
The report noted that 6.6% of Ethereum is currently staked to Eth 2.0.
“Growth in staking [is] essential for investor sentiment, as investors see it as a potential environmentally alternative to other proof-of-stake digital assets,” the report read.
Popular altcoins such as Solana and Polkadot also saw significant inflows, recording $3.9 million and $2.4 million, respectively.
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OhNoCryptocurrency via https://www.ohnocrypto.com/ @Gauri Bhatia, @Khareem Sudlow