Bitcoin, crypto inflows hit record last week - CoinShares

[webfact]

Bitcoin, crypto inflows hit record last week - CoinShares

By Gertrude Chavez-Dreyfuss

 

FILE PHOTO: Representations of virtual currency Bitcoin are placed on a computer motherboard in this illustration taken January 21, 2021. REUTERS/Dado Ruvic/Illustration

 

NEW YORK (Reuters) - Investment flows into cryptocurrency funds and products hit a record $1.31 billion last week after a few weeks of small outflows, as investors took advantage of the decline in bitcoin and other digital asset prices, according to the latest data on Monday from asset manager CoinShares.

 

Total assets under management (AUM) in the industry slipped to $29.7 billion as of Jan. 22, from an all-time peak of $34.4 billion on Jan. 8. At the end of 2019, the total AUM was just $2 billion.

 

Grayscale, the world's largest digital currency manager, posted assets under management of $24 billion last week, down from $28.2 billion on Jan. 8. CoinShares, the second largest crypto fund, managed assets of $2.9 billion in the latest week, also down from $3.4 billion on Jan. 8.

 

"We believe investors have been very price conscious this year due to the speed at which prices in bitcoin achieved new highs," said James Butterfill, investment strategist, at CoinShares.

 

"The recent price weakness, prompted by recent comments from Secretary of the U.S. Treasury Janet Yellen and the unfounded concerns of a double spend, now look to have been a buying opportunity with inflows breaking all-time weekly inflows," he added.

 

Bitcoin dropped to a low of $28,800 on Friday, after scaling an all-time peak of $42,000 on Jan.8. It was last down 0.5% at $32,124.

 

About 97% of inflows went to bitcoin, the data showed, with Ethereum, the second largest cryptocurrency, posting inflows of $34 million last week.

 

So far this year, volumes in bitcoin have been considerably higher, trading an average of $12.3 billion per day, compared to $2.2 billion in 2020.

 

Glassnode, which provides insight on blockchain data, said in a report on Monday that bitcoin's net unrealized profit/loss (NUPL) was getting close to exceeding the "belief" range and moving into the "euphoria" range.

 

Previously, when NUPL entered this range, it signaled a global top in bitcoin's price.

 

(Reporting by Gertrude Chavez-Dreyfuss; Editing by Richard Chang)

 

-- © Copyright Reuters 2021-01-26

 

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[ukrules]

We ain't seen nothing yet. Listed companies adding long term digital asset holdings to their treasuries.

 

Michael Saylor, CEO of MicroStrategy (MSFT) is open source publishing millions of dollars of legal research so any listed corporation can do the same without needing to repeat all the legwork, it's complicated for a listed company to hold assets like this apparently.

 

So he's making it easy. The hard work has already been done.

 

This is just the beginning of something which I suspect is going to be very big.

 

Edit : Seems to be working out ok for MSFT, here's there 1 year stock chart :

 

 

Edited January 25, 2021 by ukrules

[how241]

On 1/26/2021 at 6:42 AM, ukrules said:

We ain't seen nothing yet. Listed companies adding long term digital asset holdings to their treasuries.

I wonder where and who will be the first country to add Bitcoin to their financial reserves.  

[userabcd]

1 hour ago, how241 said:

I wonder where and who will be the first country to add Bitcoin to their financial reserves.  

Quite possible none. From a recent article in Ars Technica "Treasury nominee Yellen is looking to curtail use of cryptocurrency"

[how241]

3 hours ago, userabcd said:

Quite possible none. From a recent article in Ars Technica "Treasury nominee Yellen is looking to curtail use of cryptocurrency"

I will guess Iran , as the 1st country, to help them go around sanctions.  I think I read recently that the Pakistan govt is starting to mine BTC. Switzerland is also big on BTC. 

[Heng]

Sweet ride today.

[how241]

23 hours ago, Heng said:

Sweet ride today.

March, 2020---BTC  at 3,500....now at around 35,000  ....soon:  100K

[ukrules]

On 1/27/2021 at 3:24 PM, how241 said:

I wonder where and who will be the first country to add Bitcoin to their financial reserves.  

 

It's wrong to assume this hasn't already happened long ago with NDAs and secrecy.

 

I'm very sure that it's happened already. I've seen references to 'sovereign wealth funds' from some of the more reputable exchanges.

 

[how241]

1 hour ago, ukrules said:

 

It's wrong to assume this hasn't already happened long ago with NDAs and secrecy.

 

I'm very sure that it's happened already. I've seen references to 'sovereign wealth funds' from some of the more reputable exchanges.

 

Your probably right.  I'm guessing that some countries and many Big banks have slowly been accumulating bitcoin.  Of course,  the banks won't admit to it probably for a few more years.  The big USA bankers are probably buying Bitcoin with the free money they get from the Fed. 

[adexbe]

any free application as robinhood to trade crypto ?

thank you.