Institutional investors bought FUD and in the fall after the last China Digital asset investment products generated $ 95 million in inflows last week.
According to the weekly report “Digital Asset Fund Flows Weekly” ???? by CoinShares on September 27th, The spike in purchases during the downturn helped see inflows into institutional cryptocurrency investment products for a sixth straight week.
The $ 95 million tickets between September 20 and 24 represent a weekly ticket increase of 126%. BTC and Ether investment products led the field with $ 50.2 million and $ 28.9 million in entries, respectively.
While BTC investment products have seen exits in 13 of the last 17 weeks, The positive sentiment towards the plant increased in September, as new additions were made in the last three weeks. The entries for Bitcoin products also increased by 234% from week to week.
The institutional appetite for altcoins appears to remain strong as products after Solana (SOL), Cardano (ADA) and Polkadot (DOT) saw inflows of $ 3, 9, 2.6 and 2.4 million, respectively.. Multi-asset funds also saw inflows of USD 6.4 million last week.
The great wall of the FUD
On September 24th, the People’s Bank of China (PBoC) released a memorandum announcing a ban on all cryptocurrency transactions.This resulted in an 8% drop in the price of Bitcoin (BTC) along with a general retreat in the cryptocurrency market.
The updated PBOC readings – originally released on September 3, before being picked up by Western media last week – showed that Financial institutions and payment companies were prohibited from offering services related to cryptocurrency transactions.
Even though the FUD caused by Chinese regulators has also had an impact on cryptocurrency markets in the past It served as a catalyst for price spikes or bull runs in the months following the announcements.
In September 2017, The Chinese government banned crypto exchanges from offering services to users in the country and also banned citizens from participating in initial coin offerings. After the double ban, the price of BTC saw a historic spike from the $ 4,000 mark to an all-time high of around $ 20,000.