Bitcoin Attracts $20 Million in Institutional Funds Over the Past Week - Latest cryptocurrency news

Bitcoin Attracts $20 Million in Institutional Funds Over the Past Week

Throughout the past week, there has been a flow of $20 million into Bitcoin from institutional funds, raising the total inflow since the start of the year to $1.7 billion. According to reports, investors have shifted a significant portion of their capital into Bitcoin in recent weeks.

The leading cryptocurrency has drawn attention with its gains on the probability of the approval of a series of spot exchange-traded funds (ETFs). Investors hope that such an approval would bring the cryptocurrency into the mainstream and provide a suitable entry point for traditional finance participants into the crypto markets.

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Bitcoin showed a 60% increase since the beginning of the rally in mid-October, leading the ongoing bull run. It has returned to critical levels prior to the bear market that began in May 2022. However, it should be noted that at the time of writing, BTC’s price has fallen below $42,000.

Despite Bitcoin’s increase in value, not all investors had bet on the rise. Over the past week, there has been an inflow of $8.6 million into short-Bitcoin positions, indicating that some investors see potential for a decline. The open interest (OI) in BTC futures on the CME reached $5.28 billion, the highest level in two years.

The standard futures contract on the CME, which is seen as a barometer of institutional interest in cryptocurrencies, is worth five BTC. It has been observed that whale investors, those acting on behalf of large crypto holders, have increased their exposure to Bitcoin. There was an increase in the number of entities holding at least 1000 coins during the second half of 2022, which provides additional evidence of Bitcoin’s institutional support. The crypto market recorded a total inflow of $43 million for the 11th consecutive week.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
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