Bitcoin continued its descent this morning Asia time and is currently trading around US$57,050 according to CoinGecko data. The largest cryptocurrency by market value saw a brief surge Monday, crossing the US$59,000 mark, but the rally was not sustained. Ethereum, too, is trading lower at US$4,169, down 15% from its Nov. 10 all-time high of US$4,878. But despite the recent crypto market price corrections, crypto investment products saw inflows last week, according to data from digital asset manager CoinShares.
- Institutional investors were unfazed by the recent crypto market price correction, with inflows into crypto investment products of US$154 million last week, CoinShares said. Bitcoin prices last week fell by 12% over the week. Bitcoin continued to drive the majority of inflows last week, with inflows of US$114 million and an assets under management (AUM) share of 67% of crypto investment products over the last month. The recently launched ETFs in the U.S. saw over 90% of inflows into Bitcoin, CoinShares reported.
- Ethereum investment products saw inflows of US$14 million last week — its fourth consecutive week of inflows amounting to US$80 million, according to CoinShares. In terms of Ethereum prices, “a break/close back below US$3,850 warns a deeper pullback towards the September US$2,650 low is possible,” wrote Tony Sycamore, City Index’s senior market analyst for APAC, in an email.
- Indicators that bearish sentiment in the market persists, and the contracts market for Bitcoin and Ethereum were relatively inactive with the basis of futures contracts stable, according to Huobi Research.
- Cardano saw its first outflows in months of US$2.1 million, while Solana saw inflows of US$8.5 million, CoinShares said. Solana’s year-to-date inflows total US$173 million, compared to US$102 million and US$106 million for Polkadot and Cardano respectively.