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Cryptocurrencies post 5th straight week of inflows -CoinShares By Reuters


© Reuters. FILE PHOTO. In this illustration from June 29th, 2021, representations of cryptocurrencies Bitcoin (Ethercoin, DogeCoin), Ripple and Litecoin were placed on a PC motherboard. REUTERS/Dado Ruvic/Illustration

By Gertrude Chavez-Dreyfuss

NEW YORK (Reuters) – Cryptocurrency investment products and funds saw inflows for a fifth consecutive week as market sentiment on the sector continued to improve, data from digital asset manager CoinShares showed on Monday.

For the week ending Sept. 17, crypto inflows totaled $41.6million. Bitcoin received the largest amount at $15.3million, while ether products received $6.6 million. Inflows could be seen all over the globe, according to data.

The digital currency inflows to 2021 was a solid $5.96 trillion.

James Butterfill (investment strategist at CoinShares) said that although there is a possibility of an increase in sentiment, we have not seen a significant rise in the volume of investment products.

He said, “This indicates that some investors take advantage of the recent price weakness as well as the continuing rise in alt-coin popularity.”

According to the report, it has been hit the hardest by investor negativity with inflows occurring in just three weeks. It also stated that its market share in assets under management fell from 81% to 67% over the past year.

Bitcoin inflows totaled $4.2 Billion for 2018.

The latest Monday update from Blockchain Data Provider Glassnode noted that there were growing risks in Chinese credit markets and the current macroeconomic context. However, it pointed out that “bitcoin prices have been rising and the response of on-chain investors has been resilient in this environment.”

Glassnode says bitcoin is entering a consolidation trading range.

Bitcoin was at its highest point in four months, exceeding $52,000, on September 6. However it is now down 7.4% to $43,748.

Grayscale, which has $43.2 billion of AUM, is the biggest crypto asset manager. This figure was up slightly from $28.5 billion at mid-August.

CoinShares’ AUM was $4.2 Billion, which is the second-largest digital asset manager.

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