• Latest
  • Trending
Institutions Are Back to Pouring Money into Bitcoin as a “Perfect Storm” Brews for the King

Institutions Are Back to Pouring Money into Bitcoin as a “Perfect Storm” Brews for the King

October 12, 2021
A Secret Bitcoin Bull Signal?

A Secret Bitcoin Bull Signal?

March 16, 2023
Loopring Breaks Channel, What Now?| And More

Loopring Breaks Channel, What Now?| And More

March 16, 2023
USDT deposits and withdrawals available via the Solana network!

USDT deposits and withdrawals available via the Solana network!

March 16, 2023
21Shares Closes 6 Crypto Exchange-Traded Products

21Shares Closes 6 Crypto Exchange-Traded Products

March 16, 2023
Kabana Club Enters Last Phase of NFT Minting, 400 WL Spots Left for Game Token

Kabana Club Enters Last Phase of NFT Minting, 400 WL Spots Left for Game Token

March 16, 2023
FTX influencers face $1 Billion class-action lawsuit over alleged crypto fraud promotion

FTX influencers face $1 Billion class-action lawsuit over alleged crypto fraud promotion

March 16, 2023
7 best crypto assets to hold in 2023

7 best crypto assets to hold in 2023

March 16, 2023
Financial Giant Fidelity Considering Enabling Crypto Transfers

Financial Giant Fidelity Considering Enabling Crypto Transfers

March 16, 2023
Trading for GMX (GMX) starts March 21 – deposit now!

Trading for GMX (GMX) starts March 21 – deposit now!

March 16, 2023
  • Privacy Policy
Thursday, March 16, 2023
Mount Rushmore Crypto
  • Home
  • Top News
  • Crypto
  • Crypto Technical Analysis
  • About Us
  • Crypto Vouchers
  • Cryptocurrency and ANKR Price Prediction
  • Cosmos cryptocurrency price prediction
No Result
View All Result
  • Home
  • Top News
  • Crypto
  • Crypto Technical Analysis
  • About Us
  • Crypto Vouchers
  • Cryptocurrency and ANKR Price Prediction
  • Cosmos cryptocurrency price prediction
No Result
View All Result
Mount Rushmore Crypto
No Result
View All Result
Home Crypto Technical Analysis

Institutions Are Back to Pouring Money into Bitcoin as a “Perfect Storm” Brews for the King

J_News by J_News
October 12, 2021
in Crypto Technical Analysis, Top News
0
Institutions Are Back to Pouring Money into Bitcoin as a “Perfect Storm” Brews for the King
0
SHARES
5
VIEWS
Share on FacebookShare on Twitter


Out of the total inflow of $226 million, Bitcoin accounted for $225 million of it for its fourth straight week of inflows as sentiment towards BTC turnarounds.

For the 8th week in a row, digital asset investment products saw inflows of $226 million, bringing the total inflows of $638 million, according to CoinShares’ weekly report.

Ethereum (ETH), however, saw outflows through minor at $14 million and continues to lose market share to Bitcoin (BTC), having fallen 1% to 24% of assets under management (AUM) over the last week.

When it comes to other altcoins, Polkadot (DOT), Ripple (XRP), and Litecoin (LTC) also recorded outflows of $2.1 mln, $0.6 mln, and $0.2 mln, respectively.

Meanwhile, the recent favorites Solana (SOL) and Cardano (ADA) continue to see inflows of $12.5 mln and $3 million, respectively.

The positive thing is total AUM is currently just 5% short of the all-time high at $67 billion due to positive price action. While altcoins like SHIB, AXS, FTM, STX, and OHM see an increase in price, it is Bitcoin that is shining right now.

Up more than 30% in October and 20% in the past week, Bitcoin has taken the reins back to become a trillion-dollar asset class yet again.

With this price performance, it makes sense that in the week ending October 8, Bitcoin products accounted for a significant majority, almost all, of these inflows at $225 million. It has been the fourth straight week of inflows for the leading cryptocurrency.

“We believe the turnaround in sentiment towards Bitcoin is due to constructive statements from SEC chair Gary Gensler, potentially allowing a Bitcoin ETF in the US. Our recent survey data also highlights greater institutional participation in the asset class,” wrote James Butterfill, investment strategist at CoinShares.

Bitcoin actually looks primed to hit $60,000 as it currently trades comfortably above $57,000. While the relative strength index (RSI) at 70 is suggesting that it is entering the overbought territory, open interest in BItcoin futures has been surging since the start of the month to now surpass $20.5 billion.

#bitcoin futures open interest have been surging since the start of the month pic.twitter.com/iHVC440Qky

— Coinbase Institutional (@CoinbaseInsto) October 12, 2021

Not to mention, CME’s Bitcoin contango remains well above other crypto exchanges while the highest Bitcoin funding rate, as of writing, is 0.0212% on Deribit.

The CME bitcoin futures basis increasing at a faster rate than the futures curves on non-regulated derivatives exchanges suggests that institutional investors are buying BTC futures that can further put upward pressure on BTC and lead to an even steeper curve.

Another potential reason for Bitcoin outperforming altcoins is the market pricing in an increased probability of approval for a futures-based Bitcoin exchange-traded fund (ETF) by the SEC this month.

Interestingly, as NYDIG pointed out, the number of contracts that a participant such as an ETF can own on the CME is being raised to a total of 6,000 from October 18th, the same day the first futures ETF may be deemed effective.

As we have been reporting, SEC Chairman Gensler has been hinting at a possible futures-based ETF for months now.

“When you combine the centralized failures (Facebook and its owned companies going down, public fight between the US and China, and Senator Walling calling for a Fed investigation) with regulatory uncertainty, a weakening tech sector, and renewed inflation fears, it became a perfect storm for Bitcoin,” said Jeff Dorman, Chief Investment Officer at Arca.

Bitcoin BTC

$ 56,357.19

+0.23%

-0.58%

+9.75%

AnTy

AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.





Source link

Related articles

A Secret Bitcoin Bull Signal?

A Secret Bitcoin Bull Signal?

March 16, 2023
Loopring Breaks Channel, What Now?| And More

Loopring Breaks Channel, What Now?| And More

March 16, 2023
ShareTweetShareShare
Previous Post

Dogecoin and Other Cryptos Now Accepted by Wix’s E-Commerce Platform

Next Post

Stripe builds new crypto team for payments three years after dropping Bitcoin

Related Posts

A Secret Bitcoin Bull Signal?

A Secret Bitcoin Bull Signal?

by J_News
March 16, 2023
0

Alex Dovbnya Jim Cramer's recent tweet advising against shorting the Nasdaq has sparked a debate among investors, given his history...

Loopring Breaks Channel, What Now?| And More

Loopring Breaks Channel, What Now?| And More

by J_News
March 16, 2023
0

Get up to date on the latest analysis and trading tips with our Crypto update week 9LRC Breaks Channel, What...

USDT deposits and withdrawals available via the Solana network!

USDT deposits and withdrawals available via the Solana network!

by J_News
March 16, 2023
0

We’re thrilled to announce that Kraken now supports deposits and withdrawals of Tether (USDT) via the Solana network! Solana is...

21Shares Closes 6 Crypto Exchange-Traded Products

21Shares Closes 6 Crypto Exchange-Traded Products

by J_News
March 16, 2023
0

The products on the chopping block include the 21Shares Crypto Layer 1 ETP (LAY1), the 21Shares DeFi 10 Infrastructure ETP...

Kabana Club Enters Last Phase of NFT Minting, 400 WL Spots Left for Game Token

Kabana Club Enters Last Phase of NFT Minting, 400 WL Spots Left for Game Token

by J_News
March 16, 2023
0

Kabana Club believes that a paradigm shift is taking place in the field of NFT, similar to the theoretical shift...

Load More

Enter your email address:

Delivered by FeedBurner

Quick Navigate

  • Home
  • Crypto
  • Crypto Technical Analysis
  • Top News
  • Thank You
  • Store
  • Crypto Vouchers
  • About Us
  • What Cryptocurrency Is and ANKR Price Prediction
  • Cosmos cryptocurrency price prediction

Top News

The 7 Best New ICOs To Buy in 2023

Join CoinStats Affiliate Program & Earn 40% of All Premium Sales

Crypto Narratives to look out for in 2023 | by Blockchain Jew | The Capital Platform | Feb, 2023

© 2021 mtrushmorecrypto - Crypto Related News Blog

No Result
View All Result
  • Home
  • Top News
  • Crypto
  • Crypto Technical Analysis
  • About Us
  • Crypto Vouchers
  • Cryptocurrency and ANKR Price Prediction
  • Cosmos cryptocurrency price prediction

© 2021 mtrushmorecrypto - Crypto Related News Blog

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie SettingsAccept
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT