All about 7 in 7 for Bitcoin, Ethereum’s 13-week high, and alts’ ‘mixed fortunes’
Cryptocurrency prices have climbed somewhat after investors appeared to view Bitcoin as a safe haven for their money. In fact, even the Russians and Ukrainians have been seeking alternatives to their country’s financial institutions.
Bitcoin is a particular favourite, with the current geopolitical events allowing Bitcoin (BTC) to transition into a store-of-value asset.
Nonetheless, institutional investors are backing the wider cryptocurrency market too, with most digital assets seeings signs of recovery.
Crypto-investment products saw inflows of $127 million last week, according to a CoinShares report. The fresh investment inflows into crypto-funds jumped threefold last week to its highest in almost three months.
Source: CoinShares
As can be observed, there have now been seven consecutive weeks of positive inflows for Bitcoin. This is a sign of institutional investors’ interest in crypto, despite the recent retail sell-off. Such positive sentiment was centered in North America, with the region seeing inflows of $151M. Europe, on the contrary, saw outflows totaling $24M.
Bitcoin was the most popular asset among institutional investors, as almost $100 million funds were moved into it.
Source: CoinShares
Bitcoin saw inflows totalling $95M last week, the largest single weekly inflow since early December 2021. This marked 7 consecutive weeks of inflows for the largest cryptocurrency. Indeed a major jump from last time when BTC registered inflows of around $17 million.
It didn’t really come as a surprise given the dependence on Bitcoin in previous weeks. Worldwide sanctions following Russia’s invasion of Ukraine, as well as truckers in Canada losing banking access during a protest against their government, propelled Bitcoin away from
Read more on ambcrypto.com
