Institutional Bitcoin fund inflows set new high, smashing last year’s record by $2.2 billion
|- Cryptocurrency fund inflows as of last week topped last year’s record of $6.7 billion.
- Bitcoin funds represented the largest inflows among all digital assets, accounting for two-thirds of year-to-date inflows.
- Crypto asset inflows reached a new record of $8.9 billion following three months of consecutive inflows.
Institutional funds invested in cryptocurrencies this year so far have already topped 2020, according to the latest report by CoinShares. Digital asset inflows across crypto asset managers reached $8.9 billion following 12 consecutive weeks of inflows.
Bitcoin fund inflows dominate market as BTC reaches all-time high
Cryptocurrency investment products witnessed inflows of $174 million last week, recording the twelfth consecutive week of inflows. Digital asset inflows year-to-date reached $8.9 billion, already smashing last year’s record of $6.7 billion.
According to CoinShares, total assets under management have also reached an all-time high of $80 billion.
Bitcoin witnessed fund inflows of $95 million last week, representing the most significant inflows among all cryptocurrencies.
During the eight-week bull run, the bellwether digital asset has seen a total of $2.8 billion in inflows, with year-to-date inflows at a record $6.4 billion, close to all cryptocurrency inflows last year. The flagship digital asset’s inflows account for two-thirds of the year-to-date inflows.
Ethereum has also rallied on bullish sentiment last week, as it saw inflows of $31 million. The second-largest cryptocurrency by market capitalization has suffered in recent months due to Bitcoin’s dominance. However, Ether’s price performance and inflows have seen its assets under management rose to a record of $20 billion.
Popular altcoins, including Polkadot, Solana and Cardano, have witnessed inflows of $9.6 million, $8.5 million and $5 million, respectively.
Bitcoin price eyes higher target, shooting for $71,000
Bitcoin price is now in price discovery as there seems to be little resistance ahead for the flagship cryptocurrency.
The prevailing symmetrical triangle pattern projects a bullish target for Bitcoin price at $71,689, marking a 13% rise from the upper boundary of the technical pattern.
BTC/USDT 12-hour chart
The first line of defense for Bitcoin price is at the descending trend line of the triangle at $63,237, then at the 21 twelve-hour Simple Moving Average (SMA) at $62,605, then at the 50 twelve-hour SMA at $62,092.
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