Investors seemed to be taking full advantage of the recent dip by increasing additional Crypto positions. While Bitcoin and Ethereum, are slowly but surely emerging from their consolidation period. It’s a favourable indicator for the markets because most other altcoins tend to follow bitcoin and Ether’s price swings.
Data from Digital Manager at Coinshares in a recent report states that with the net inflows into investment products of US$74 million last week, investors were driven to add positions as digital asset prices fell. This comes after record withdrawals of US$151 million in the preceding two weeks, or 0.34 percent of assets under management.
Bitcoin investment products, which witnessed slight withdrawals of US$4 million last week, continue to see withdrawals. This takes the three-week cumulative outflow to US$246 million, or 0.8 percent of assets under management. Inflows into bitcoin investment products are expected to surpass US$4.4 billion in 2021.
With inflows into Cardano, Polkadot, and Ripple, investment product flows revealed that altcoins, or non-bitcoin, non-ether tokens, remained popular.
According to the data, with inflows of US$5.2 million, US$3.8 million, and US$4.5 million into Cardano, Polkadot, and Ripple, respectively.
Last week, Ethereum had a total inflow of US$47 million with total inflows totaling $973 million.
with total inflows totaling $973 million. The previous week’s price adjustment had a slight impact on investment flows, but this appears to have recovered, with inflows to all product providers. Last week, Ethereum reached its largest market share, accounting for approximately 27% of all investment products.
Following a setback, ETH has resumed its upward trajectory and is currently trading at $2,800 levels. The asset’s price has been range-bound this week, fluctuating between $2,600 and $2,900.