Institutional managers bought the dip as crypto funds see $154M in weekly inflows
Bullish sentiment surrounding crypto has not wavered despite the recent market correction that saw Bitcoin fall to sub-$57,000 levels.
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Institutional investors were unfazed by the recent correction in the cryptocurrency markets, as digital asset funds dedicated to Bitcoin ( BTC ) and Ether ( ETH ) continued to grow, according to data from CoinShares.
Crypto investment products, which include exchange-traded funds (ETFs), saw weekly inflows totaling $154 million for the week ending Nov. 20, according to CoinShares’ latest fund flows report. Like in previous weeks, Bitcoin investment products attracted most of the inflows at $114.4 million. Funds devoted to Ether saw weekly inflows of $12.6 million and multi-asset products registered $14.1 million in net investments.
Year-to-date, institutional investors have allocated over $6.6 billion to Bitcoin products, $1.17 billion to Ether products and more than $9.2 billion to crypto as a whole.
Grayscale, which is the largest crypto asset manager, recorded $51.9 billion in assets under management as of Nov. 19.
October was a record-breaking month for Bitcoin funds , thanks in part to the approval of two futures-linked ETFs in the United States. Institutional managers bought $2 billion worth of Bitcoin funds over the course of the month as the BTC price reached new all-time highs.
Although November has been less bullish for Bitcoin from a price perspective, the latest funds flows data suggests that investors are not concerned by the market correction. As Cointelegraph reported, Bitcoin touched a low of around $56,500 on Nov. 20 before correcting higher. The flagship cryptocurrency remains vulnerable to another pullback in the short term as its price consolidates below $58,000.
According to a recent tweet from crypto analyst TechDev, the 2021 bull market has been lagging the 2017 cycle by five-to-eight days as of July. If the trend continues, Bitcoin and the broader market could be poised for a breakout higher in the medium term.
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