The bitcoin market is seeing bullish sentiment. Crypto funds have received double the investments they received last week. Digital asset investment funds received $226m in the week ending last Friday. They had received $90m last week. This jump in inflows has been mainly in bitcoin funds. The investments in these funds increased to $225m from $156m. These investments have been highest in 5 months, according to the digital asset manager of CoinShares.
This increased funding in bitcoin funds has come as the price of this largest cryptocurrency rose to its highest in the last 5-month period. It was trading at $57,300 recently. The highest level bitcoin had seen similar to this price was in May. At that time, it was trading at $58,500. It has gone down from its highest of $65,000, which it reached earlier this year. In July, its price went down to $29,000, but the crypto rallied later and gained 20% in October.
Minor outflows of about $14m were seen last week in Ethereum focused funds. Outflows were also seen last week in alternative blockchains like Ripple, Litecoin and Polkadot. CoinShares report authors attributed the increase in bitcoin investments to the statements of Gary Gensler, the SEC Chairman. Gensler hinted the SEC might approve bitcoin futures-related exchange fund. He had said last week that he is unlikely to ban cryptocurrencies. According to the CoinShares report, the improved sentiments toward bitcoin can be attributed to his statements.
The gains have continued in many altcoin funds. Investment funds for Solana’s SOL token received investments worth $12.5m and investments worth $3m were made in funds focused on ADA token of Cardano.