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Bitcoin funds capture $700 million as institutions place their bets
Key takeaways
- Institutional demand for crypto is real, and suggests there may be a sustained bitcoin BTC$81,101.08 price move above its pivotal 200-day simple moving average (SMA).
- More importantly, bitcoin funds alone pulled in over $700 million, taking year-to-date flows to $4.9 billion.
- Bitcoin recently traded at $81,000, having narrowly missed the 200-day SMA positioned above $82,000 late Sunday.
Institutional demand for crypto is real, and suggests there may be a sustained bitcoin BTC$81,101.08 price move above its pivotal 200-day simple moving average (SMA).
Investors poured $858 million into crypto funds issued by asset managers like BlackRock and 21Shares last week, extending a five-week inflow streak and marking the strongest weekly total since late April, according to CoinShares.
More importantly, bitcoin funds alone pulled in over $700 million, taking year-to-date flows to $4.9 billion. Talk about the demand for the leading cryptocurrency. The catalyst? Improving sentiment around the Clarity Act, according to CoinShares' head of research, James Butterfill.
Article preview — originally published by CoinDesk. Full story at the source.
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