The decline of Bitcoin at the price range of $37000 is indicating what could be the start of another extended bearish market. The tendency keeps showing further down drawbacks as the investors become cautious of the market. Although it has not prevented the flow of institutional money into the market as it has continued to rise. After these big players have once more shown their support for the cryptocurrency, this week is no different.
Bitcoin Influx Excel $100 Million
After the December crash, institutional investor’s attitudes had turned negative towards the market which caused the withdrawals and the reversal of inflows drift that has been predominant just a few weeks back. Although, the sentiments have now been turning in the favor of Bitcoin after outflows of weeks, as the investors have started regaining confidence in the assets.
This new confidence is reflected in the number of bitcoin inflows recorded in the past week. Though the broader market had shown panic believing that it was the end, institutional investors had taken it as a suitable opportunity of filling up their bags. The bitcoin inflows total is $101 million alone in the past week, reassuring that digital assets still have the big money.
The number is up from last week’s total inflows of $89 million. A new two months record is set for inflows after last week’s $101 million coming into the assets. Although the investors remain cautious, at this point five weeks of consistent bitcoin inflows have been recorded. With a slow start it has been grown since and for the last five weeks inflows have now reached $221 million which is 0.7% of the total assets under the management (AuM).
Altcoin is also not too bad in its inflows department. After bitcoin, others such as Avalanche and Solana have also continued to observe inflows into their digital assets. Last week total of $109 million inflows has been shown by the digital assets investment products. It is in the middle of declining prices in the market which shows that the institutional investors remained positive about the market.
In the last week, Avalanche showed altcoin inflow of $25 million alone. The competitor of Ethereum is slowly progressing along with the big investors who are making millions of dollars in digital assets. Solana also performed well with $1.2 million for the same period.
Blockchain investment products and equities also saw substantial inflows with $9.4 million and $26 million.