Institutional Investors Are Not Concerned By The Crypto Sell-Off
Data from CoinShares unveiled that trend in the recent correction witnessed across the cryptocurrency sphere that saw BTC plunging below the $60,000 handle.
11/19/21 UPDATE: Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products.
— Grayscale (@Grayscale) November 19, 2021
For example, the largest crypto asset manager in the industry, Grayscale, witnessed over $51.9 billion in assets under management, according to its update published on November 19.
Bitcoin’s Inflows Dominating The Scene
Overall, Bitcoin-related products attracted the most of these weekly inflows, according to CoinShares, accounting for over $114.4 million.
One of the fresher boosts of the crypto inflows across the weekly inflows from the institutional investors was the approval of two futures ETFs linked to Bitcoin in the United States.
During that time, institutional managers acquired around $2 billion worth of BTC funds when the world’s largest crypto by market cap hit all-time highs.
That said, the behavior of the big players is a proof that there are no concerns among them towards the recent sell-off experienced by the cryptocurrency market, even in a context when Bitcoin hit s low of $55,415 and ETH plummeted to $3,958 amid that selling pressure.
Possible Double Bottom In Sight
In the meantime, the “king Bitcoin” remains to hover within a tight rangebound that found support around the $56,000 level.
According to the H4 chart, the price is forming a double bottom pattern that is poised to unleash a buying demand that could push the crypto higher, with a first short-term hurdle of around $60,000, followed by the 200-period simple moving average at $62,000.
The RSI indicator is treading the neutral waters at this stage, suggesting that the price stays in a wait-and-see mode ahead of a critical move in the coming days. However, if the level of $56,000 gets broken by the bears, eyes will be on the $53,500 zone.