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.
BTC 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
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