NEW YORK, Sept 27 (Reuters) – Cryptocurrency funding merchandise and funds posted inflows for a sixth consecutive week, as traders considered current regulatory challenges within the sector as shopping for alternatives, information from digital asset supervisor CoinShares confirmed on Monday.
Inflows to the sector hit $95 million final week, led by investments in bitcoin of $50.2 million, in keeping with CoinShares information as of Sept. 24. Over the past six weeks, crypto inflows amounted to $320 million. For 2021, inflows have been $6 billion.
Bitcoin bore the brunt of adverse investor sentiment of the final two quarters. Final week’s inflows have been simply the fourth week of inflows out of the final 17. Thus far this 12 months, inflows into bitcoin remained strong at $4.3 billion.
On Friday, China’s strongest regulators intensified a crackdown on cryptocurrencies with a blanket ban on all crypto transactions and mining, hitting bitcoin and different main cash and pressuring crypto- and blockchain-related shares. read more
However analysts stated traders on Monday appeared to have shrugged off the information.
“As soon as once more we’re seeing some actual resilience in bitcoin, which at one stage was pushing $40,000,” stated Craig Erlam, senior market analyst at OANDA in London.
Bitcoin was final down 0.2% at $43,108 .
Blockchain information supplier Glassnode, in its newest analysis observe on Monday, pointed to the “comparatively low utilization” of the bitcoin block-space,” which could be each a bearish and bullish sign.
It added that present transactions on bitcoin are at 175,000-200,000 per day, “that are much like ranges seen within the 2018 bear market.”
CoinShares information additionally confirmed ether merchandise had the second most inflows final week at $29 million, as traders regarded to additional enhancements within the Ethereum blockchain.
Ether although on Monday was down 2.1% at $3,000.88 .
Property below administration at Grayscale and Coinshares, the 2 largest digital asset managers, dipped final week to $38.016 billion and $3.671 billion, respectively, pressured by the decline in crypto costs following China’s rules information on Friday.
Reporting by Gertrude Chavez-Dreyfuss; modifying by Jonathan Oatis
Our Requirements: The Thomson Reuters Trust Principles.