Fun

Bitcoin investment product inflows topped $1B as BTC rallied to $66K — CoinShares report

News Feed - 2024-10-01 01:10:05

Nancy Lubale8 hours agoBitcoin investment product inflows topped $1B as BTC rallied to $66K — CoinShares reportInvestors piled into Bitcoin investment funds and crypto ETPs, with more than $1 billion in inflows over the last week.828 Total views2 Total sharesListen to article 0:00Market AnalysisOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onBitcoin exchange-traded products were again the top choice for institutional investors during the week ending Sept. 27 as capital flowed into crypto funds following BTC’s recovery above $66,000. 


According to the latest report by CoinShares published on Sept. 30, crypto asset investment products saw a third consecutive week of inflows totaling $1.2 billion for the Sept. 23 and Sept. 27 week. 


According to the report, the largest share of capital flows went into Bitcoin (BTC) investment products, attracting $1 billion in inflows in the last seven days, or around 87% of the total. Bitcoin funds also led on monthly performance with $1.1 billion in inflows in September, bringing the total assets under management (AuM) to $74.6 billion. Flows by asset. Source: CoinShares


Meanwhile, Ether (ETH) investment products ended a five-week streak of negative flows, amassing $87 million in inflows. This marks the “first measurable inflows since early August,” stated CoinShares. However, they have outflows of $60 million month-to-date, according to the report.


Inflows into all crypto investment products totaled $1.2 billion with total AuM rising by 6.2% last week to $92.7 billion. 


CoinShares head of research James Butterfill believes that the high inflows could be a “reaction to continued expectations of dovish monetary policy in the US” and associated positive market sentiments.“The approval of options for certain US-based investment products likely boosted sentiment.”


Data from Alternative, a platform that analyzes “emotions and sentiments” around cryptocurrencies, corroborates this. It showed that the Crypto Fear and Greed Index has reached its highest level since July 31.


The chart below shows that the 1ndex has entered the “greed” zone at 61, up from 30 a month ago when the market was gripped with “fear.”Crypto Fear and Greed Index. Source: Alternative.me


Related:New all-time high in "Uptober?" 5 Things to know in Bitcoin this weekBitcoin price runs into resistance above $65,000


Bitcoin’s 26.5% rally between Sept. 6 and Sept. 27 saw BTC price set a local high at $66,840. The price has since corrected to trade at $63,815 at the time of publication.


“Brief rejection from the crucial level of $65k, which would constitute a break in bearish market structure,” popular crypto analyst McKenna said in a Sept. 30 tweet. 


According to McKenna, breaking above this barrier would end the broader downtrend that has seen Bitcoin’s price remain stuck in a descending parallel channel since turning away from its all-time high in March.


“Price remains in the descending channel for now but when this breaks the market will move violently to the upside. Dips are for buying.”BTC/USD daily chart. Source:TradingView


Liquidation data from Coinglass showed liquidity orders totaling $342.32 million sitting between $65,000 and $66,000, reinforcing the stiffness of this resistance level.BTC liquidation heatmap (screenshot). Source: CoinGlass


As such, Bitcoin bulls are required to push the price back above this level to secure the recovery, with the next big barrier sitting between the $68,000 psychological level and the 2021 all-time high of $69,000.


This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Altcoin# Ethereum# Bitcoin Price# Bitcoin Analysis# Markets# Aggelos# Altcoin Watch# Ethereum ETF# ETFAdd reaction

News Feed

Kraken says its being extorted following bug bounty report
Zoltan Vardai10 hours agoKraken says its being extorted following bug bounty reportThe bug resulted in at least $3 million worth of stolen funds, but no user funds were endangered, according to Kraken.7022 Total views3 T
Stripe Brings Back Crypto Support After 4 Years — Says ‘Crypto Is Going Mainstream’
Stripe Brings Back Crypto Support After 4 Years — Says "Crypto Is Going Mainstream" Payment giant Stripe has brought back crypto support after it stopped processing bitcoin payme
Polymarket tops $1B in betting volume amid US election hype
Tom Mitchelhill8 hours agoPolymarket tops $1B in betting volume amid US election hypeMore than one-third of the platform’s lifetime volume was traded in July, with speculators betting hard on the US presidential race.3
‘Prohibitive’ Capital Rules for Banks Holding Crypto Win Support in EU Parliament
‘Prohibitive’ Capital Rules for Banks Holding Crypto Win Support in EU Parliament Lawmakers in the European Union have backed legislation imposing new capital requirements for
Bitcoin Gold Whale Allegedly Controls Half the BTG Supply
Bitcoin Gold Whale Allegedly Controls Half the BTG Supply According to a recent study, bitcoin gold (BTG) market prices are being manipulated by a single whale who holds a signif
Virgin Galactic Stock Is Skyrocketing, Will Take Bitcoin to Shoot You Into Space
Virgin Galactic Stock Is Skyrocketing, Will Take Bitcoin to Shoot You Into Space Virgin Galactic is one of the leading ventures in the emerging private space race alongside compa
Jesse Coghlan8 hours agoSam Bankman-Fried found guilty on all 7 charges in FTX fraud trialU.S. Attorney Damian Williams called Bankman-Fried’s crimes “a multibillion-dollar scheme designed to make him the king of cry
Rigel Protocol to Launch Unique NFTs Collection Sales
Rigel Protocol to Launch Unique NFTs Collection Sales press release PRESS RELEASE.Finally, Rigel Protocol is ready to join the NFTs Buzz with its first NFTs Collections for each uni
Grayscale Adds 174,000 LTC to Its Litecoin Holdings- Price of the Altcoin Unresponsive
Grayscale Adds 174,000 LTC to Its Litecoin Holdings- Price of the Altcoin Unresponsive According to reports, Grayscale added 174,000 tokens to its litecoin holdi
G Mining Inc. — Your Partner in Bitcoin Cloud Mining
If you’re considering Bitcoin Cloud Mining, then G Mining Inc. is the best partner to hold your hand. The company offers very reasonable prices when it comes to BTC cloud mining; besides, the staff is friendly and
Oversold Altcoins Like Solana Flash Bullish Divergences — Are Relief Bounces Coming?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Binance Launches Billion-Dollar Crypto Industry Recovery Fund to Restore Confidence After FTX Meltdown
Binance Launches Billion-Dollar Crypto Industry Recovery Fund to Restore Confidence After FTX Meltdown Binance has committed $1 billion to a crypto industry recovery initiative to