Bitcoin exchange-traded products were again the top choice for institutional investors during the week ending Sept. 27 as capital flowed into crypto funds following BTC’s recovery above $66,000.
According to the latest report by CoinShares published on Sept. 30, crypto asset investment products saw a third consecutive week of inflows totaling $1.2 billion for the Sept. 23 and Sept. 27 week.
According to the report, the largest share of capital flows went into Bitcoin (BTC) investment products, attracting $1 billion in inflows in the last seven days, or around 87% of the total. Bitcoin funds also led on monthly performance with $1.1 billion in inflows in September, bringing the total assets under management (AuM) to $74.6 billion.
Flows by asset. Source: CoinShares
Meanwhile, Ether (ETH) investment products ended a five-week streak of negative flows, amassing $87 million in inflows. This marks the “first measurable inflows since early August,” stated CoinShares. However, they have outflows of $60 million month-to-date, according to the report.
Inflows into all crypto investment products totaled $1.2 billion with total AuM rising by 6.2% last week to $92.7 billion.
CoinShares head of research James Butterfill believes that the high inflows could be a “reaction to continued expectations of dovish monetary policy in the US” and associated positive market sentiments.
“The approval of options for certain US-based investment products likely boosted sentiment.”
Data from Alternative, a platform that analyzes “emotions and sentiments” around cryptocurrencies, corroborates this. It showed that the Crypto Fear and Greed Index has reached its highest level since July 31.
The chart below shows that the 1ndex has entered the “greed” zone at 61, up from 30 a month ago when the market was gripped with “fear.”
Crypto Fear and Greed Index. Source: Alternative.me
Related: New all-time high in ‘Uptober?’ 5 Things to know in Bitcoin this week
Bitcoin price runs into resistance above $65,000
Bitcoin’s 26.5% rally between Sept. 6 and Sept. 27 saw BTC price set a local high at $66,840. The price has since…
..
