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Cryptocurrencies post inflows in latest week, led by bitcoin -CoinShares

NEW YORK, Nov 22 (Reuters) – Cyrptocurrency merchandise and funds posted inflows in the latest week, with traders undeterred by the latest worth corrections, weekly knowledge from digital asset supervisor CoinShares confirmed on Monday.

Institutional traders poured in $154 million in the crypto sector in the week ended Nov. 19, with a year-to-date complete of $9.2 billion, already exceeding complete inflows of $6.7 billion in 2020.

Bitcoin bought the lion’s share of inflows with $114.4 million, equal to 74% of the entire. So far this yr, complete inflows into bitcoin merchandise and funds hit $6.7 billion.

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The inflows got here regardless of a ten.4% drop in bitcoin final week. On Monday, bitcoin was down 4.5% at $56,042 . The world’s largest cryptocurrency hit a document excessive of $69,000 on Nov. 10.

“Bitcoin was ripe for a pullback and it might not be over yet before traders confidently feel a bottom has been made,” stated Edward Moya, senior market analyst at OANDA in New York.

Blockchain knowledge supplier Glassnode, in its latest analysis report on Monday, stated bitcoin holders took earnings after it hit a document excessive earlier this month.

“Spikes in on-chain profit-taking during bullish impulses are to be expected as price climbs to new highs, and are typical for any bull market. As the realization of profits increase, so too does the probability of establishing a macro top,” Glassnode stated.

Ethereum noticed inflows for a fourth straight week, of $12.6 million. Total inflows in the final 4 weeks have been about $80 million.

Some altcoins although, for the primary time in many months, noticed minor outflows, comparable to Cardano, with outflows of $2.1 million, knowledge confirmed.

But inflows into Solana, one other public blockchain, totaled $8 million. By measure of complete inflows during the last month, Solana has seen inflows of $43 million during the last month versus Cardano’s $23 million.

Assets underneath administration at Grayscale and CoinShares, the 2 largest digital asset managers, have been at $51.62 billion and $6.5 billion, respectively.

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Reporting by Gertrude Chavez-Dreyfuss; Editing by Richard Chang

Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, Litecoin are placed on PC motherboard in this illustration taken, June 29, 2021. REUTERS/Dado Ruvic/Illustration

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