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Despite the latest market downturn, which saw Bitcoin fall below $57,000, the bullish attitude surrounding crypto has not waned.
According to CoinShares statistics, institutional investors were unaffected by the recent fall in cryptocurrency markets, as digital asset funds dedicated to Bitcoin (BTC) and Ether (ETH) continued to rise.
According to CoinShares’ latest fund flows report, crypto investment products, which include exchange-traded funds (ETFs), experienced weekly inflows of $154 million for the week ending Nov. 20.
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 more than $9.2 billion to crypto as a whole.
Grayscale, which is the largest crypto asset manager, recorded $51.9 billion in assets under management as of Nov. 19.
11/19/21 UPDATE: Net Assets 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 approval of two futures-linked ETFs in the United States. Institutional managers bought $2 billion worth of Bitcoin funds over the course of the month as the BTC price reached new all-time highs.
Although the price of Bitcoin has been less positive in November, the latest funds flows data reveals that investors are unconcerned with the market downturn. Bitcoin hit a low of roughly $56,500 on Nov. 20 before correcting higher, according to Cointelegraph. As its price consolidates below $58,000, the flagship cryptocurrency appears vulnerable to another slump in the immediate term.
According to a recent tweet from crypto expert TechDev, as of July, the 2021 bull market was five to eight days behind the 2017 cycle. If the current trend continues, Bitcoin and the larger market may be positioned for a medium-term breakout higher.
Remarkably similar corrective structures so far on the #BTC 8H.
Almost to the day 4 years apart.
2021 continues to run 5-8 days behind 2017 since July. pic.twitter.com/B60HQlPCec
— TechDev (@TechDev_52) November 21, 2021