Institutional investors were unfazed by the recent correction in the cryptocurrency markets, as digital windfall funds secure to Bitcoin (BTC) and Ether (ETH) unfurled to grow, equal to data from CoinShares.
Crypto investment products, which include exchange-traded funds (ETFs), saw weekly inflows totaling $154 million for the week ending Nov. 20, equal to CoinShares’ latest fund flows report. Like in previous weeks, Bitcoin investment products attracted most of the inflows at $114.4 million. Funds devoted to Ether saw weekly inflows of $12.6 million and multi-asset products registered $14.1 million in net investments.
Year-to-date, institutional investors have allocated over $6.6 billion to Bitcoin products, $1.17 billion to Ether products and increasingly than $9.2 billion to crypto as a whole.
Grayscale, which is the largest crypto windfall manager, recorded $51.9 billion in resources under management as of Nov. 19.
11/19/21 UPDATE: Net Resources Under Management, Holdings per Share, and Market Price per Share for our Investment Products.
— Grayscale (@Grayscale) November 19, 2021
October was a record-breaking month for Bitcoin funds thanks in part to the clearance of two futures-linked ETFs in the United States. Institutional managers bought $2 billion worth of Bitcoin funds over the undertow of the month as the BTC price reached new all-time highs.
Although November has been less bullish for Bitcoin from a price perspective, the latest funds flows data suggests that investors are not concerned by the market correction. As Cointelegraph reported, Bitcoin touched a low of virtually $56,500 on Nov. 20 surpassing correcting higher. The flagship cryptocurrency remains vulnerable to flipside pullback in the short term as price consolidates unelevated $58,000.
According to a recent tweet from crypto reviewer TechDev, the 2021 manful market has been lagging the 2017 trundling by five-to-eight days as of July. If the trend continues, Bitcoin and the broader market could be poised for a breakout higher in the medium term.
Remarkably similar touching-up structures so far on the #BTC 8H.
Almost to the day 4 years apart.
2021 continues to run 5-8 days overdue 2017 since July. pic.twitter.com/B60HQlPCec
— TechDev (@TechDev_52) November 21, 2021