Cryptocurrencies post inflows for 7 straight weeks, led by bitcoin – CoinShares data
By (*7*) Chavez-(*7*)
NEW YORK (Reuters) – Cryptocurrency funding merchandise and funds recorded inflows for a seventh straight week, as institutional patrons warmed to additional supportive statements from regulators, data from digital asset supervisor CoinShares confirmed on Monday.
Inflows to the sector had been $90.2 million last week, led by bitcoin which snagged $69 million, in accordance with CoinShares data as of Oct. 1. Over the earlier seven weeks, crypto inflows reached $390 million. For 2021, inflows totaled $6.1 billion.
Bitcoin recorded its third straight week of inflows.
“We think about this decisive turnaround in sentiment is due to rising confidence inside the asset class amongst patrons and further accommodative statements from the U.S. Securities Exchange Commission and the Federal Reserve,” wrote James Butterfill, funding strategist, at CoinShares.
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