Ether investment products see inflows for the first time in nine weeks

 

Inflows into cryptocurrency mutual funds surged over the past week. Ether ( ETH ) products have seen inflows for the first time in nine weeks, signaling that institutional custodians are again accumulating assets. 

Digital investment products registered a total of $75.3 million in inflows over the past week, CoinShares data showed on Monday. Bitcoin ( BTC ) investment products saw $25.1 million in inflows, while ether products saw $20.9 million inflows.

Multi-asset funds with different cryptocurrencies have also seen positive inflows. Solana ( SOL ), Polkadot ( DOT ), and Ripple ( XRP ) have also seen overall positive inflows this week.

Cryptocurrency inflows have now risen for four straight weeks, signaling that the massive declines seen in late 2021 are beginning to reverse. A total of $209 million flowed into crypto funds in four weeks.

Institutional managers reduced their exposure to cryptocurrency products in late 2021. They might still want to book profits just before the end of the year and also wait out the extreme market volatility . Bitcoin's Fear & Greed Index, which measures market sentiment, fell to "extreme fear" in early January. The index has stabilized in recent weeks . Currently he has climbed out of "extreme fear".

Analysts are still divided on whether the market has found a definitive bottom or whether Bitcoin and Ether should expect retests of their 2022 lows. However, CoinShares inflow data is a good barometer of institutional investor sentiment. As Cointelegraph reported, institutional demand for cryptoassets has increased significantly over the past year and is playing a bigger role in influencing market dynamics.

Grayscale is the largest crypto asset manager, managing $37.6 billion in assets. He has already announced that he wants to convert his well-known Bitcoin product GBTC into an ETF. On February 4, the US Securities and Exchange Commission again did not make a decision on Grayscale's Bitcoin ETF application and has again postponed it . The supervisory authority wants to await further comments from the public on this matter.

In Canada, meanwhile, the Purpose Bitcoin ETF has continued to see large inflows. This signals strong investor demand for a spot product.

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