As renewed optimism follows positive price-action, investments into crypto have noted a sharp increase in institutional inflows of bitcoin-related investment products according to a new report.
On Monday 6th September, Bitcoin crossed $52,000 line for the first time in 4 months after a substantial jump in demand from retail and institutional investors.
Bitcoin’s retail demand has been on the rise since August 2021, but institutional demand struggled in the first few weeks of August, catching up shortly after.
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Per the latest report published by CoinShares, a sharp increase of institutional flows of Bitcoin-related investment products attracted about $59 million in capital inflows last week.
Overall, crypto investment products saw inflows worth $98 million. Apart from Bitcoin, Ethereum (ETH), Solana (SOL), Cardano (ADA), and Polkadot (DOT) attracted substantial inflows during the period.
Per the report, “Bitcoin saw inflows totalling US$59m, marking a potential turnaround in sentiment amongst investors. This is the first inflows following an 8-week spell of outflows, the longest endured by any digital asset investment product. Solana remains the favourite with weekly inflows totalling US$13.2m last week, doubling its total inflows year-to-date. While AUM has grown from US$15m the previous week to US$44m last week.”
Well known analyst weighs in
Meanwhile, renowned analyst and trader Willy Woo has affirmed that Bitcoin has entered the “second great re-accumulation of this bull market”. The on-chain analyst maintains that current demand and supply dynamics give bitcoin a price target of at least $60,000 within the next two weeks.
More importantly, the analyst believes that the bull run will likely extend to 2022 based on the “macro on-chain structure”.
Bitcoin dropped 3.7% to $50,700 on the day at the time of writing. In Monday’s newsletter, we outlined the line in the sand for prices to continue appreciating in the coming days a.
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