Institutional investors weren’t bothered by the recent correction the crypto market has experienced since digital asset funds dedicated to BTC and ETH didn’t stop growing, shows data from CoinShares.
Crypto investment products, which also encompass ETFs, registered weekly inflows of $154 million for the week ending November 20th, indicates the latest fund flows report from CoinShares. Similar to previous weeks, BTC investment products got the lion’s share of the inflows at $144.4 million.
Meanwhile, funds dedicated to ETH recorded weekly inflows of $12.6 million, and multi-asset products recorded $14.1 million in net investments.
Year-to-date, institutional investors poured more than $6.6 billion in BTC products, $1.17 billion in ETH products, and over $9.2 billion in crypto, in general.
The largest crypto asset manager, Grayscale, registered $51.9 billion in AUM by November 19th.
October represented a record-breaking month for BTC funds, mostly as a result of the US SEC approving two futures-linked ETFs in the country. Institutional managers acquired $2 billion worth of Bitcoin funds across the month of October when the price of Bitcoin grew to record a new ATH.
November hasn’t been as bullish for Bitcoin, taking into consideration its price, but the most recent funds flow data shows that investors aren’t exactly worried about the market correction.
Just three days ago, Bitcoin recorded a new low of $56,500 before experiencing a correction at a higher level. The King of Crypto is still vulnerable at the moment as another pullback may happen in the short term while its price consolidates below $58,000.
Crypto analyst TechDev revealed on Twitter that the bull market of this year lagged the 2017 cycle by five-to-eight days as of July. If this trend is to continue, it is very likely that Bitcoin and the broader market may experience a breakout higher in the medium term.