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Investment companies are buying on the floor; $ 154 million in digital currency funds


Recent data show that despite the market crash in recent days, institutional investors are still buying bitcoins and digital currencies, and have bought about $ 154 million worth of digital currency in the last seven days. In the previous seven days, $ 150 million had been injected into digital currency funds.

to the Report According to CoinShares, institutional investors have not been disturbed by the recent reform of the digital currency market, as the holdings of Bitcoin and Ethereum mutual funds continue to grow.

According to a recent report by Coin Shears on the inflow of capital into corporate investment funds, special investment products in digital currencies, which include exchange traded funds (ETF), in the week ending November 20 (November 29) saw 154 million inflows. Dollars were capital. As in previous weeks, Bitcoin investment products attracted the most capital with $ 114.4 million. Ethereum Mutual Funds also saw $ 12.6 million in capital inflows. Multiple investment products investing in more than one currency also recorded net income of $ 14.1 million.

Since the beginning of this year, institutional investors and large corporations have invested more than $ 6.6 billion in Bitcoin investment products, $ 1.17 billion in Ethereum investment products, and a total of more than $ 9.2 billion in digital currency markets. have given.

Grayscale, the largest digital asset management fund in the field of digital currencies, has announced assets under its management as of November 19 (November 28), $ 51.9 billion.

October was a record-breaking month for Bitcoin mutual funds, thanks in part to the approval of two futures exchanges on the US futures exchange. Investment companies bought $ 2 billion worth of bitcoins this month as bitcoin prices reached new highs.

Although the growth of bitcoin prices was more limited in November, the latest data on the inflow of funds into the funds show that investors are not currently worried about market reform. Bitcoin hit a low of $ 56,500 on November 20, before further price correction. Since the price has stabilized below $ 58,000, it seems that Bitcoin is prone to experiencing another price correction in the short term.

TechDev, a digital currency market analyst, wrote in a recent tweet that the 2021 uptrend market was 5 to 8 days later than the 2017 uptrend cycle from July onwards. If this trend continues, Bitcoin and the digital currency market in general could be prepared to break the resistance and continue the uptrend in the medium term.

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