Bitcoin, Ethereum prices fall, but crypto funds see entries
Bitcoin continued its descent this morning Asia Time and is currently trading around US $ 57,050 according to data from CoinGecko. The largest cryptocurrency by market value saw a brief increase on Monday, breaking through the US $ 59,000 mark, but the rally was not sustained. Ethereum is also trading lower at US $ 4,169, down 15% from its all-time Nov 10 high of US $ 4,878. But despite recent price corrections in the crypto market, crypto investment products registered entries last week, according to data from digital asset manager CoinShares.
- Institutional investors weren’t fazed by the recent price correction in the crypto market, with entries into crypto investment products of $ 154 million last week, CoinShares said. Bitcoin prices last week fell 12% on the week. Bitcoin continued to generate the majority of entries last week, with inflows of US $ 114 million and an Assets Under Management (AUM) share of 67% of crypto investment products over the past month. Recently launched ETFs in the United States have seen more than 90% of entry into Bitcoin, CoinShares reported.
- Ethereum investment products saw inflows of $ 14 million last week – its fourth consecutive week of inflows amounting to $ 80 million, according to CoinShares. Regarding Ethereum prices, “a break / close below US $ 3,850 warns that a deeper pullback to September’s US $ 2,650 low is possible,” wrote Tony Sycamore, analyst. City Index’s Main Market Report for APAC, in an email.
- Indicators that the bearish sentiment in the market persists, and the contract market for Bitcoin and Ethereum was relatively inactive with the futures base stable, according to Huobi Research.
- Cardano posted its first outings in months of $ 2.1 million, while Solana recorded inflows of $ 8.5 million, CoinShares said. Year-to-date Solana’s cash inflows amount to US $ 173 million, compared to US $ 102 million and US $ 106 million for Polkadot and Cardano respectively.