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Funds are Flowing into Cryptocurrencies

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Cryptocurrency products and funds posted net inflows of $88-M last wk, data from digital asset manager CoinShares showed Monday, in a wk that saw a decline in prices.

Inflows so far this yr added up to a robust $9.5-B with 2 more wks to go in Y 2021. In Y 2020, total crypto inflows were $6.7-B.

Bitcoin recovered a bit last wk, posting a 1.3% gainer for the frame after a 14% selloff the prior wk.

CoinShares data showed that bitcoin showed inflows of $51-M, its 13th wk running of inflows that puts its YTD net total to $6.5-B.

Bitcoin is trading at this writing at $47,823.68. Since hitting an all-time high of $69,000 on 10 November, the world’s largest cryptocurrency has fallen 32% since. the trend is Bearish.

Knights’ coin is trading comfortably above $700/each

Ethereum saw outflows totaling $17-M last wk, the 1st time following 6 wks of inflows, although it reflects only 0.09% of assets under management.

Other digital assets Solana and Tron showed inflows of $19 and 17-M, respectively.

CoinShares noted that the recent price appreciation of Tron, a decentralized, open-source blockchain-based operating system, and dubbed the “world computer” coin, has pushed its total AUM of products and funds linked to the token to $92-M, higher than that of Cardano, a public blockchain.

Data also showed that trading volumes across investment products fell 13% to $3-B for the wk.

Have a prosperous day, Keep the Faith!

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Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge Including Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he is the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.