Institutions Invest $36 Million Into BTC, ETH | CryptoGazette
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The mass adoption of cryptos has been one of the most important goals that the crypto industry set. There are all kinds of moves made in this direction, and they continue.
Now, it seems that more and more institutional money is pouring into the crypto space.
Institutional crypto investment boost
Digital asset manager CoinShares has just explained that institutional investment in crypto assets hit $36 million last week as Russia’s invasion of Ukraine rocked global markets.
In the latest Digital Asset Fund Flows Weekly report, Coinshares explained that institutional inflows from the Americas canceled out last week’s European outflows.
“Digital asset investment products saw inflows totaling US$36m last week despite the ongoing turmoil in Eastern Europe and the anticipated negative sentiment. Interestingly, volumes in Bitcoin crypto exchanges that trade the RUB/USD pair have seen volumes rise by 121% week-on-week.”
The same notes said:
“Regionally, flows have been, one-sided, with the Americas seeing inflows (notably Canada & Brazil) totaling US$95m while European investment products saw outflows totaling US$59m last week.”
According to CoinShares, this marks the sixth week of investment inflows into digital asset products.
The Daily Hodl also notes that the leading crypto by market cap Bitcoin (BTC) enjoyed the lion’s share of inflows, followed in turn by the second-leading crypto by market cap, Ethereum (ETH).
“Bitcoin saw inflows totaling US$17m last week, entering its 5th consecutive week of inflows totaling US$239m. Ethereum saw minor inflows totaling US$4.2m.”
We suggest that you check out the complete CoinShares report in order to learn all the available details.
Bullish BTC confirmation
Earlier today, we revealed that we have a strong bullish confirmation as BTC gets closer to $45k.
It’s been just revealed that the crypto analyst Justin Bennett says Bitcoin has broken out of a descending channel and is likely ready to rally.
The analyst just said that BTC is posting a bullish confirmation pattern right at the end of the month, taking out the highs of the previous few days.
Bennett also said that Bitcoin just witnessed its highest level of volume in seven months, right when it reversed from $34,000, suggesting a strong change in trend.
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