CoinShares: Bitcoin funds raised $8.8 million in a week

by in Cryptocurrency News


Last week, institutional investors invested about $8.8 million in Bitcoin-focused crypto funds.

Analysts at CoinShares note that big capital has been entering this instrument for the past five weeks in a row. Since the beginning of 2022, the net inflow of institutional money into BTC funds amounted to $291 million.

However, most investors are still skeptical about the medium-term prospects of the largest digital currency. Therefore, interest in crypto funds remains weak, said James Butterfill, head of research at CoinShares.

The spot market also remains uncertain. After the release of US inflation data at the end of last week, Bitcoin fell below $18,200.

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Then the cryptocurrency was able to rebound, but the willingness of the Federal Reserve to raise the discount rate increases the risks of new sales. Glassnode estimates that BTC has hit a bottom of around $18,000.

The pressure eased after the whales pulled 15,700 BTC off the exchanges, the biggest crypto outflow since June 2022.

That is why the bitcoin exchange rate has stabilized. The crypto sphere is also supported by the growing stock market, but at any moment the shares of IT companies can return to the red zone.