Institutional managers bought the decline as crypto funds register $ 154 million in weekly entries

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Institutional investors weren’t fazed by the recent correction in the cryptocurrency markets, as dedicated Bitcoin (BTC) and Ether (ETH) digital asset funds continued to grow, data shows by CoinShares.

Crypto investment products, which include exchange-traded funds (ETFs), recorded weekly inflows totaling $ 154 million for the week ending November 20, according to the latest CoinShares fund flow report. As in previous weeks, Bitcoin investment products attracted the most entries at $ 114.4 million. Funds dedicated to Ether saw a weekly fundraising of $ 12.6 million and multi-asset products saw a net investment of $ 14.1 million.

Since the start of the year, institutional investors have allocated more than $ 6.6 billion to Bitcoin products, $ 1.17 billion to Ether products and more than $ 9.2 billion to crypto as a whole.

Grayscale, which is the largest crypto asset manager, recorded $ 51.9 billion in assets under management as of November 19.

UPDATE 11/19/21: Net assets under management, holdings per share and market price per share for our investment products.

Total AUM: $ 51.9 billion BTC $ BAT $ BCH $ LINK $ MANA $ ETH $ ETC $ FIL $ ZEN $ LTC $ LPT $ XLM $ ZEC $ UNI $ AAVE $ COMP $ CRV $ MKR $ SUSHI $ SNX $ YFI $ UMA $ BNT $ ADA $ SOL pic.twitter.com/uJNo2skPX0

– Grayscale (@Gray levels) November 19, 2021

October was a record month for Bitcoin funds, in part thanks to the approval of two ETFs linked to futures in the United States. Institutional managers bought $ 2 billion worth of Bitcoin funds during the month as the price of BTC hit new all-time highs.

While November was less bullish for Bitcoin from a price point of view, the latest data on fund flow suggests that investors are not affected by the market correction. As Cointelegraph reported, Bitcoin hit a low of around $ 56,500 on November 20 before correcting up. The flagship cryptocurrency remains vulnerable to another near-term pullback as its price consolidates below $ 58,000.

Related: $ 60,000 Becomes Resistance 5 Things To Watch In Bitcoin This Week

According to a recent tweet from crypto analyst TechDev, the 2021 bull market is five to eight days behind the 2017 cycle in July. If the trend continues, Bitcoin and the wider market could be on the verge of an upward breakthrough in the medium term.

Remarkably similar corrective structures so far on the #BTC 8H.

Almost to the day at 4 year intervals.

2021 continues to be 5 to 8 days behind 2017 since July. pic.twitter.com/B60HQlPCec

– TechDev (@ TechDev_52) November 21, 2021

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