Institutional managers bought the dip as crypto funds see $154M in weekly inflows

Institutional investors were not alarmed by the recent correction in the cryptocurrency markets, as digital asset funds dedicated to Bitcoin (BTC) and Ether (ETH) continued to grow, according to data from CoinShares.

Crypto investment products, which include exchange-traded funds (ETFs), saw weekly inflows totaling $154 million for the week ending November 20, according to CoinShares’ latest fund flows report. As in previous weeks, Bitcoin investment products attracted the most inflows of $114.4 million. Funds earmarked for Ether saw $12.6 million in weekly inflows, and the multi-asset product posted $14.1 million in net investments.

To date, institutional investors have committed over $6.6 billion to bitcoin products, $1.17 billion to ether products and more than $9.2 billion to cryptocurrencies as a whole.

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

October was a record month for Bitcoin funds, thanks in part to the approval of two futures-linked ETFs in the US. Institution managers bought $2 billion worth of Bitcoin over the course of the month as the price of BTC reached an all-time high.

Although November was less bullish for Bitcoin from a price perspective, the latest money flow data suggests that investors aren’t worried about a market correction. As Cointelegraph reported, Bitcoin touched a low of around $56,500 on November 20 before correcting higher. The major cryptocurrency remains vulnerable to another drop in the short term as its price consolidates below $58,000.

Related: $60,000 becomes resistance – 5 things to watch in Bitcoin this week

as To a recent tweet from crypto analyst TechDev, the 2021 bull market was five to eight days behind the 2017 cycle as of July. If the trend continues, Bitcoin and the broader market could prepare for a higher breakout in the medium term.