Bitcoin sparks highest inflows in 7 months, US$115.6 Million invested.
Major investments come from Germany, followed by Canada.
Of the total $117 million inflow into the crypto investment products in only one week, Bitcoin sparked the largest inflow in its account. Statistically speaking, Institutional cash inflow since June 2022 shows Bitcoin recovered 40% in the first month of 2023, January!
A ‘Weekly report’ published by an Asset investment and trading group released on January 30th, confirms that $117 Million were invested in crypto in the month of January. It seems institutional investors have put their eyes on Bitcoin as a great investment opportunity.
The latest data is a good sign that is turning around the long-lost spark towards Bitcoin. It is unparalleled, not confined to just United States. United States contributed US$26M in the last week to take the total inflows to US$117M. The bearish winds from the US market seem to be the provoking factor. Total AuM had risen to US$28 Billion, up 43% from their November 2022 lows.
With about 40% contribution, Germany came forward as the surprise leader, followed by Canada. Bitcoin seemed to be the investors ‘Favourite Child’, despite altcoins rallying in line with them. Couldn’t this be argued that institutional money isn't sold on the Ethereum thesis?
After recovering to 36.2% in mid-January, the Grayscale Bitcoin Trust (GBTC) was trading at a 43% discount to Bitcoin. Due to the collapse of FTX in November, Grayscale is currently experiencing problems that are affecting its parent firm, Digital Currency Group.
Grayscale is attempting to persuade American regulators to permit it to transform GBTC into the nation's first Bitcoin spot price exchange-traded fund, but even before that, the cryptocurrency was having difficulties (ETF)
Other assets have only seen minor changes, except multi-asset products, with an outflow of US$6.4 million. This is the 9th consecutive week that multi-asset investment products saw outflows.
Also, read North Korea Sets A Record Of Stealing Most Cryptocurrencies In 2022!
