Bitcoin investment yield hits $1B high as BTC rises to $66K – CoinShares Report

Bitcoin exchange-traded products were once again the top choice for institutional investors as capital poured into crypto funds following BTC's rise above $66,000 at the end of September 27.

According to the latest CoinShares report published on September 30, crypto asset investment products saw a total of $1.2 billion in revenue between September 23 and September 27 for the third consecutive week.

According to the report, the largest share of capital flows went to Bitcoin (BTC) investment products, which attracted 1 billion dollars of income in the last seven days, or about 87% of the total. Bitcoin funds led the monthly performance in September with inflows of $1.1 billion, bringing total assets under management (AuM) to $74.6 billion.

Meanwhile, Ether (ETH) investment products ended a five-week run of negative flows, raking in $87 million. This marks the first measurable inflow of revenue since early August, CoinShares said. However, the report indicated that they have expenses of more than 60 million dollars every month.

Inflows into all crypto investment products totaled $1.2 billion, with total AuM rising 6.2% to $92.7 billion last week.

CoinShares head of research, James Butterfill, believes that the higher income could be “a response to the expectation of continued dovish monetary policy in the US” and the associated positive market sentiment.

“Approval for some U.S.-based investment product options could boost sentiment.”

Data from Alternative, a platform that analyzes “sentiment and sentiment” around cryptocurrencies, confirms this. Since July 31st, the Crypto Fear and Greed Index has reached an all-time high.

The chart below shows that 1ndex entered the “Greed” zone in 61, a month before 30 months when the market was gripped by “fear”.

Related: New All-Time High in ‘Uptober?' 5 things to know in Bitcoin this week

Bitcoin price has resistance above $65,000.

Bitcoin's 26.5% rally between September 6 and September 27 put the BTC price at a local high of $66,840. The price has been adjusted to trade at $63,815 as of press time.

“A short rejection from the $65k critical level, which creates a break in the underlying market structure,” noted crypto analyst McKenna said on Twitter on September 30.

According to McKenna, a break above this barrier would end a broader downtrend that has seen Bitcoin price stuck in a descending parallel channel since returning from all-time highs in March.

“The price is currently in a descending channel, but when this is broken, the market will move sharply higher. Dips are what buy.”

Liquidity data from Coinglass showed liquid orders totaling $342.32 million sitting between $65,000 and $66,000, reinforcing the strength of this resistance level.

As such, Bitcoin bulls will need to push the price above this level to ensure a recovery, with the next major hurdle sitting between the $68,000 psychological level and the 2021 all-time high of $69,000.

This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.