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Tag: weekly

  • Bitcoin (BTC) Leads Weekly Crypto Inflows

    Bitcoin (BTC) Leads Weekly Crypto Inflows

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    The institutional crypto inflows rebounded last week after Bitcoin-related products attracted significant investment. In total, investors poured nearly $71 million into BTC investment products.

    Last week, digital asset investment products saw inflows worth $85 million. In the past three weeks, total institutional inflows in crypto products have reached $133 million. Apart from Bitcoin, a wide range of altcoins have gained the attention of institutional investors recently.

    Solana, Polkadot and Cardano witnessed inflows totaling $2.4 million, $2.2 million and $1.1 million, respectively. Digital asset Terra saw a massive spike in inflows last week. Despite the rising popularity of BTC, SOL, DOT, ADA and LUNA among institutional investors, Ethereum saw a bearish trend with outflows totaling $8.5 million in the previous week.

    “Digital asset investment products saw inflows totaling US$85m last week, marking the 3rd week of inflows totaling US$133m, suggesting continued positive sentiment amongst investors. Total assets under management (AuM) now total US$52.4bn with January 24th marking the low point in the most recent run of negative sentiment. While Europe has seen inflows (US$10.3m), the majority has been from the Americas, particularly Brazil and Canada (US$75m),” CoinShares noted in its report.

    Bitcoin AUM

    Due to the market dip in December 2021 and January 2022, the overall value of global Bitcoin assets under management have declined substantially. According to the report from CoinShares, the total value of global BTC AUM reached $34.4 billion last week. Ethereum came in the second spot with almost $13 billion worth of assets under management.

    “Bitcoin continues to lead the inflows with US$71m last week, the largest since early December with this 3-week run of inflows totaling US$108m. Volumes in Bitcoin investment products remained low last week at US$1.8bn versus US$3.4bn the previous week,” CoinShares added.

    Yesterday, BTC jumped above the price level of $44,300 for the first time since 13 January 2022.

    The institutional crypto inflows rebounded last week after Bitcoin-related products attracted significant investment. In total, investors poured nearly $71 million into BTC investment products.

    Last week, digital asset investment products saw inflows worth $85 million. In the past three weeks, total institutional inflows in crypto products have reached $133 million. Apart from Bitcoin, a wide range of altcoins have gained the attention of institutional investors recently.

    Solana, Polkadot and Cardano witnessed inflows totaling $2.4 million, $2.2 million and $1.1 million, respectively. Digital asset Terra saw a massive spike in inflows last week. Despite the rising popularity of BTC, SOL, DOT, ADA and LUNA among institutional investors, Ethereum saw a bearish trend with outflows totaling $8.5 million in the previous week.

    “Digital asset investment products saw inflows totaling US$85m last week, marking the 3rd week of inflows totaling US$133m, suggesting continued positive sentiment amongst investors. Total assets under management (AuM) now total US$52.4bn with January 24th marking the low point in the most recent run of negative sentiment. While Europe has seen inflows (US$10.3m), the majority has been from the Americas, particularly Brazil and Canada (US$75m),” CoinShares noted in its report.

    Bitcoin AUM

    Due to the market dip in December 2021 and January 2022, the overall value of global Bitcoin assets under management have declined substantially. According to the report from CoinShares, the total value of global BTC AUM reached $34.4 billion last week. Ethereum came in the second spot with almost $13 billion worth of assets under management.

    “Bitcoin continues to lead the inflows with US$71m last week, the largest since early December with this 3-week run of inflows totaling US$108m. Volumes in Bitcoin investment products remained low last week at US$1.8bn versus US$3.4bn the previous week,” CoinShares added.

    Yesterday, BTC jumped above the price level of $44,300 for the first time since 13 January 2022.

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  • Bitcoin in line for ‘phenomenal’ weekly close if BTC price holds $49K

    Bitcoin in line for ‘phenomenal’ weekly close if BTC price holds $49K

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    Bitcoin (BTC) held $49,000 on Aug. 28 after the United States Federal Reserve sparked a run-up toward critical resistance.

    BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

    All eyes on $49,300 on the weekly chart

    Data from Cointelegraph Markets Pro and TradingView showed BTC/USD cooling at higher levels after cracking the $49,000 mark late Friday.

    The end of the working week had seen a positive reaction to comments from Fed Chair Jerome Powell on tapering of asset purchases, as well as remarks on inflation.

    As Cointelegraph reported, stocks surged to all-time highs, while the U.S. dollar weakened — Bitcoin made use of the opportunity and added $1,500 in under an hour.

    With talk of a new “bullish impulse” move afoot on crypto markets, the mood into the weekend was thus far from bearish.

    “If BTC is able to stay above the ~$49000 level for the rest of the week… It would set itself up for a phenomenal Weekly Close,” trader and analyst Rekt Capital summarized.

    That weekly close had a solid chance of beating the last at the time of writing, with $49,300 the level to clinch for a multi-month high.

    That would also place Bitcoin back in the tiny two-month window in which it closed above $49,000 on the weekly chart earlier this year.

    BTC/USD 1-week candle chart (Bitstamp). Source: TradingView

    “Should be pretty obvious where Bitcoin is heading,” popular Twitter account Ryan Cantering Clark added.

    A look at buy and sell levels on major exchange Binance on the day meanwhile revealed a support line slowly building at around $48,800, forming a close stand-off with sellers just below $50,000.

    BTC/USD buy and sell levels (Binance) as of Aug. 28. Source: Material Indicators/ Twitter

    Cardano bulls back in action as altcoins wake up

    Altcoins meanwhile mostly benefited from renewed strength in Bitcoin.

    Related: Price analysis 8/27: BTC, ETH, ADA, BNB, XRP, DOGE, DOT, SOL, UNI, LUNA

    With the exception of a flat Binance Coin (BNB), the top ten cryptocurrencies by market cap saw solid 24-hour gains.

    Cardano (ADA) bulls led the advance, ADA/USD climbing almost 10% to $2.85 and making up for much of its recently lost ground after hitting all-time highs. Solana (SOL) continued upwards after its own record high.

    ADA/USD 1-day candle chart (Binance). Source: TradingView

    Ether (ETH) was at $3,240, having increased by a more modest 4% and still down 1.5% versus the same time last week.