Cryptocurrencies see sixth straight week of inflows led by Bitcoin – CoinShares data

Inflows into the sector reached $95 million last week, led by investments in Bitcoin of $50.2 million, according to CoinShares data as of September 24. In the last six weeks, crypto inflows reached $320 million. For 2021, inflows were $6 billion.

Bitcoin the brunt of the negative investor sentiment of the last two quarters. Last week's inflows were just the fourth week of inflows in the last 17. So far this year, inflows into Bitcoin have remained robust at $4.3 billion.

On Friday, China's most powerful regulators stepped up a crackdown on cryptocurrencies with a blanket ban on all crypto transactions and mining that hit Bitcoin and other major coins and pressured crypto and blockchain-related stocks.

However, analysts said investors appeared to shrug off the news on Monday.

“We are once again seeing real resilience in Bitcoin, which at one point pushed $40,000,” said Craig Erlam, senior market analyst at OANDA in London.

Bitcoin was last down 0.2% at $43,108.

Blockchain data provider Glassnode noted the “relatively low utilization” of the Bitcoin block space, which can be both a bearish and bullish signal, in its latest research note on Monday.

It added that current Bitcoin transactions are at 175,000-200,000 per day, “which is similar to 2018 bear market levels.”

CoinShares data also showed that Ether products had the second-most inflows last week with $29 million as investors looked for further improvements to the Ethereum blockchain.

However, Ether fell 2.1% to $3,000.88 on Monday.

Assets under management at Grayscale and Coinshares, the two largest digital asset managers, fell to $38.016 billion last week.

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(Reporting by Gertrude Chavez-Dreyfuss; Editing by Jonathan Oatis)