Institutional investors were buying deep behind China’s latest FUD, with digital asset investment products generating প্র 95 million in flows last week.
According to CoinShares’ Sept. 27 Digital asset funds flow weekly Reportedly, a geopolitical buying of Deep helped greatly drive the sixth consecutive week of flow for institutional crypto investment products.
Between Sept. 20 and Sept. 24, the 95 95 million flow increased 126% weekly flow. BTC and Ether Investment products led the pack with flows of 50.2 million and $ 28.9 million, respectively.
Although BTC investment products have seen flows in 13 of the last 17 weeks, the positive attitude towards assets has increased in September due to the record of flows over the last three weeks. Bitcoin product flows increased 234% week-on-week.
Solana (SOL), Cardano (ADA) and Polkadot (DOT) tracking products seem to strengthen Altcoins ’institutional appetite, with tracking at $ 3.9 million, $ 2.6 million and $ 2.4 million, respectively. Multi-asset funds also saw a flow of 6.4 million last week.
Related: Crypto has recovered a dozen times from the Chinese FUD in the last 12 years
Great wall of FUD
On September 24, the People’s Bank of China (PBoC) released a copy of the ban on all crypto transactions, which caused an 8% drop in the price of Bitcoin (BTC) and caused widespread tensions across the crypto market.
The PBOC’s update system – which was initially published on September 3 – outlined in the Western media last week outlined that financial institutions and payment firms have been barred from providing any services related to crypto transactions.
The FUD historian from Chinese regulators has historically influenced crypto markets, acting as a catalyst for prices or bull races in the months following the announcement.
In September 2017, the Chinese government banned crypto exchanges from providing services to users in the country, and also barred citizens from participating in the initial currency offer. After the double ban, BTC’s price has risen from the historic আরো 4,000 range to the all-time high of about 20,000 20,000.