Cryptocurrency inflows amounted to $41.6 million for the
week ended September 17, with Bitcoin getting the bulk of inflows at $15.3
million, and ether products garnering $6.6 million. The data showed that
inflows were seen across the board.
Digital currency inflows for 2021 were a still a robust
$5.96 billion.
"This improved sentiment could be a seasonal
phenomenon, but we are not seeing a commensurate rise in volumes in investment
products," said James Butterfill, investment strategist, at CoinShares.
"This suggests that some investors are taking advantage
of recent price weakness and the continued rise in alt-coin popularity,"
he added.
Bitcoin has suffered the most from negative investor
sentiment with inflows in only three of the last 16 weeks, the report said.
Over the course of this year, its total market share of assets under management
has fallen from 81 percent in January to just 67 percent as of last Friday, it
added.
Overall, Bitcoin inflows for the year amounted to $4.2
billion.
Blockchain data provider Glassnode, in its latest note on
Monday, acknowledged the current macroeconomic backdrop that featured growing
uncertainties in Chinese credit markets. But it noted that even amid this
landscape, "Bitcoin price action, and on-chain investor responses appear
relatively robust."
Glassnode believes Bitcoin is forming a "consolidation
trading range."
Bitcoin hit a near four-month high above $52,000 on
September 6, but was currently down 7.4 percent at $43,748.
Grayscale is still the largest crypto asset manager, with
$43.2 billion in AUM, up from about $28.5 billion around mid- to early August.
AUM at CoinShares, the second biggest digital asset manager,
were at $4.2 billion. © Reuters
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