The latest weekly crypto inflows of nearly $2 billion mark the fifth consecutive weekly inflows totaling $7.7 billion, or 24% of the total $31.3 billion inflows year-to-date.
CoinShares news
Bitcoin price trades below $70,000 as traders derisk ahead of the election. Will altcoins follow this trend or take advantage of BTC’s consolidation?
The latest inflows mark four weeks of consecutive buying in cryptocurrency products, totaling more than $5.7 billion, or 19% of all such inflows YTD.
Miners including Cormint and TeraWulf are among the lowest-cost producers of Bitcoin, an important advantage amid tightening margins, CoinShares said.
Bitcoin is finding support in the $66,500 to $65,000 zone and Bitcoin ETF inflows suggest traders are buying the dips. Will altcoins follow?
CoinShares said the United States and Bitcoin led crypto investment product dynamics last week amid growing optimism over a potential Republican election win in the US.
Bitcoin’s rise above $66,500 could open the doors for a rally to new highs and altcoins look set to follow.
According to CoinShares, last week’s increase in crypto investment products was influenced by the upcoming US elections rather than monetary policy outlooks.