{"id":110142,"date":"2021-01-26T00:43:57","date_gmt":"2021-01-26T00:43:57","guid":{"rendered":"https:\/\/precoinnews.com\/?p=110142"},"modified":"2021-01-26T00:43:57","modified_gmt":"2021-01-26T00:43:57","slug":"bitcoin-crypto-inflows-hit-record-last-week-coinshares","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/bitcoin-crypto-inflows-hit-record-last-week-coinshares\/","title":{"rendered":"Bitcoin, crypto inflows hit record last week: CoinShares"},"content":{"rendered":"

NEW YORK (Reuters) – Investment flows into cryptocurrency funds and products hit a record $1.31 billion last week after a few weeks of small outflows, as investors took advantage of the decline in bitcoin and other digital asset prices, according to the latest data on Monday from asset manager CoinShares.<\/p>

FILE PHOTO: Representations of virtual currency Bitcoin are placed on a computer motherboard in this illustration taken January 21, 2021. REUTERS\/Dado Ruvic\/Illustration<\/figcaption>

Total assets under management (AUM) in the industry slipped to $29.7 billion as of Jan. 22, from an all-time peak of $34.4 billion on Jan. 8. At the end of 2019, the total AUM was just $2 billion.<\/p>\n

Grayscale, the world\u2019s largest digital currency manager, posted assets under management of $24 billion last week, down from $28.2 billion on Jan. 8. CoinShares, the second largest crypto fund, managed assets of $2.9 billion in the latest week, also down from $3.4 billion on Jan. 8.<\/p>\n

\u201cWe believe investors have been very price conscious this year due to the speed at which prices in bitcoin achieved new highs,\u201d said James Butterfill, investment strategist, at CoinShares.<\/p>\n

\u201cThe recent price weakness, prompted by recent comments from Secretary of the U.S. Treasury Janet Yellen and the unfounded concerns of a double spend, now look to have been a buying opportunity with inflows breaking all-time weekly inflows,\u201d he added.<\/p>\n

Bitcoin dropped to a low of $28,800 on Friday, after scaling an all-time peak of $42,000 on Jan.8. It was last down 0.5% at $32,124.<\/p>\n

About 97% of inflows went to bitcoin, the data showed, with Ethereum, the second largest cryptocurrency, posting inflows of $34 million last week.<\/p>\n

So far this year, volumes in bitcoin have been considerably higher, trading an average of $12.3 billion per day, compared to $2.2 billion in 2020.<\/p>\n

Glassnode, which provides insight on blockchain data, said in a report on Monday that bitcoin\u2019s net unrealized profit\/loss (NUPL) was getting close to exceeding the \u201cbelief\u201d range and moving into the \u201ceuphoria\u201d range.<\/p>\n

Previously, when NUPL entered this range, it signaled a global top in bitcoin\u2019s price.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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