Cryptocurrencies post record inflows in first 11 months. Rising inflation will lead to more money being allocated to crypto.
Cryptocurrency products and funds posted record inflows in the first 11 months of the year, as institutional investors flocked into the space despite price declines in the last few weeks, data from digital asset manager CoinShares showed on Monday.
Total inflows into the sector were $9.5 billion as of Nov. 26, an all-time high. In 2020, total bitcoin inflows were $6.7 billion.
On the week, inflows reached $306 million.
Bitcoin saw its largest inflows in five weeks totaling $247 million, CoinShares data showed.
„Inflation is skyrocketing and people are searching for more alternatives for their money in the bank,” said Ruud Feltkamp, chief of cloud-based automated crypto trading bot Cryptohopper.
„I don’t think it’ll take long until investors see this as a ‘cheap’ buying moment. We are still in the midst of the bull cycle, and I think rising inflation will lead to more money being allocated to stocks and crypto,” he added.
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