Cryptocurrency investment products and funds recorded inflows for a seventh straight week, as institutional investors warmed to more supportive statements from regulators, data from digital asset manager CoinShares showed on Monday.
Inflows to the sector were $90.2 million last week, led by bitcoin which snagged $69 million, according to CoinShares data as of Oct. 1. Over the past seven weeks, crypto inflows reached $390 million. For 2021, inflows totaled $6.1 billion."We believe this decisive turnaround in sentiment is due to growing confidence in the asset class amongst investors and more accommodative statements from the U.S.
A day later, Fed Chair Jerome Powell, in remarks before Congress, said the Fed had no intention of banning cryptocurrencies.Blockchain data provider Glassnode, in its latest research note on Monday, pointed out that as bitcoin rallied out of its narrow trading range last week, approximately 10.3% of the circulating supply returned to an unrealized profit.
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