Bitcoin jumped to a fresh five-month high on Monday, extending the two-week price rally. The bullish sentiment is additionally supported by rising interest from institutional investors. According to the latest report from CoinShares, cryptocurrency investment funds recorded inflows totaling US$226million, which is twice as much compared to last week.
Digital asset investment products saw inflows totaling US$226m, bringing the 8 week run of inflows to US$638m. Source: CoinShares.
Start investing today or test a free demo
Create account Try a demo Download mobile app Download mobile appBTC investment products generated inflows of US$225 million, comprising a significant majority of the total. Company believes the turnaround in sentiment towards Bitcoin is due to constructive statements from SEC chair Gary Gensler, potentially allowing a Bitcoin ETF in the US. The previous time the inflow of this amount of money from large investors took place in May, before Bitcoin's price dropped from $ 58,000 to around $ 29,000 in July.
Ethereum saw minor outflows totaling US$14 million and continues to lose market share to Bitcoin, while Cardano recorded inflow of US3 million, suggesting the focus has not entirely switched to Bitcoin.
Bitcoin price jumped to $57,000 during yesterday's session, hitting the highest since mid-May. If current sentiment prevails, the upward move may accelerate towards all-time high at $64,388. On the other hand, if bullish momentum will lose steam, then nearest support is located at $53,000. Source: xStation5
The content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.
