Bitcoin Bargain? Investors Put Money Into Crypto Funds for Second Straight Week

Investors put money into cryptocurrency funds for a second straight week as the bitcoin market stabilized following one of its worst-ever starts to a year.

Crypto funds saw inflows of $19 million during the seven days through Jan. 28, according to a report Monday from the digital-asset manager CoinShares.

While the increase looks small relative to some of the $200 million-plus weeks of inflows in 2021, the trend suggests investors are cautiously adding to positions “at these depressed price levels,” the CoinShares analysts wrote.

Investors put some $14 million into crypto funds during the prior week – reversing five straight weeks of redemptions that totaled $532 million.

Bitcoin (BTC) is down 17% so far this year, changing hands around $38,500 at press time. The price is still well off the all-time high around $69,000 reached in November 2021.

Notably, some $22.1 million flowed into bitcoin-focused funds last week, while Ethereum-focused funds suffered outflows of $26.8 million.

Prices for the Ethereum blockchain’s native cryptocurrency, ether (ETH), are down 27% this year to about $2,700.

“Ethereum continues to suffer from negative sentiment,” CoinShares wrote.

Multi-asset funds – focused on a combination of coins – brought in $32 million, the most since June 2021. This suggests “investors are adopting a diversified investment approach,” according to CoinShares

But funds focused on Solana, Polkadot and Cardano all saw outflows last week, “suggesting investors are shunning altcoins,” CoinShares wrote.

Previous post Crypto News Roundup for Jan. 31, 2022
Next post Ethereum Suffers Worst Month in Nearly 2 Years, SOL Falls Even Harder
Generated by Feedzy
%d bloggers like this: