Bitcoin records steady weekly inflows, total inflows decline
Recent CoinShares report has determined cryptocurrency funds recording strong inflows worth $151 million for the week ending November 12. The inflows, well below the previous week’s $174 million, were largely contributed by Bitcoin which reported $97 million inflows.
While inflows have steadily fallen from last month’s record $1.5 billion of inflows after the US saw the launch of its first Bitcoin ETF, the crypto market has still recorded inflows for the 13th straight week. The figures have indicated a strong bullish outlook from individual and institutional investors.
In addition, although crypto fund inflows declined since last week, Bitcoin inflows were up by approximately $4 million, reporting $98 million last week. The king crypto has reached its ATH of $56 billion in assets under management.
Meanwhile, Ethereum was not too far behind, after recording $17 million in inflows and an ATH of $21 billion in AUM. Ethereum was followed by Cardano and Solana-focused funds crossing $16.4 million and $9.8 million in inflows, respectively.
“The inflows are likely being due to increasing positive investor sentiment for “World computer” coins,” CoinShares report read after Cardano surprisingly reported strong inflows.
Polkadot, which is currently conducting its much-awaited parachain auctions, reported $5.2 million in inflows.
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OhNoCryptocurrency via https://www.ohnocrypto.com/ @Gauri Bhatia, @Khareem Sudlow