A new report from CoinShares, the cryptocurrency fund company, indicated that some institutional investors have made profits during the recent merger of Bitcoin.
According to the Coin Telegraph, CoinShare's weekly digital asset flows report identifies $ 85 million in outflows from institutional cryptocurrency products last week, confirming that the data indicates that Some investors continue to take profits after the strong rally of [Bitcoin].
The report indicated the rise in the US dollar (traded), indicating that the US dollar index is inversely correlated with bitcoin prices, and could explain why some investors are making profits At current levels.
The company has also identified modest flows of investment products derived from Ethereum, with $ 3 million exiting the market.
Despite the profit taking, institutional flows remain strong, with $ 359 million pouring into cryptocurrency investment products this week. Organizations still appear to be focusing almost individually on Bitcoin, with Bitcoin products representing all but 1% of this week's capital inflows.
Coin Shares notes that cryptocurrency flows are back to pre-Christmas levels, after a decline of 97% over the three weeks after the holidays. Daily volumes are currently up by over 450% year over year.
and institutional products currently account for 6% of Bitcoin's combined volume - down from 14% at the start of the month.
There has been a lot recently of a growing number of institutions in the cryptocurrency space, with major international companies recently filling their Treasuries with Bitcoin.
and after hosting over 11 million Bitcoin futures trading in 2020, the Chicago Mercantile Exchange announced last month that it plans to launch cash-settled Ethereum futures in 2020. Early February, awaiting regulatory approval.
On January 20, NinePoint Partners submitted a final prospectus for the Bitcoin Trust which was conditionally approved by the Toronto Stock Exchange.
