This is an excerpt from CoinDesk newsletter ‘Daybook.’ Sign up here, if you haven’t already.
Institutional demand for crypto is real, and suggests there may be a sustained bitcoin price move above its pivotal 200-day simple moving average (SMA).
Investors poured $858 million into crypto funds issued by asset managers like BlackRock and 21Shares last week, extending a five-week inflow streak and marking the strongest weekly total since late April, according to CoinShares.
More importantly, bitcoin funds alone pulled in over $700 million, taking year-to-date flows to $4.9 billion. Talk about the demand for the leading cryptocurrency. The catalyst? Improving sentiment around the Clarity Act, according to CoinShares’ head of…
