The total cryptocurrency market capitalization has increased by roughly $49 billion since the start of the week, helping Bitcoin and Ethereum post significant gains.
Last week, BlackRock, the world’s largest asset manager, announced it will offer Bitcoin trading and custody services to institutional investors through Coinbase Prime. Also, data released by Glassnode suggests Bitcoin long-term holder behaviour has shifted from accumulation to distribution recently. These developments have ensure that BTC maintain levels around the $23,000 price point.
Institutional investors are piling into Ether-based digital asset funds, which have recorded seven straight weeks of positive inflows, according to the latest CoinShares report. The inflows reached $16.3 million last week, adding to a total of $159 million in inflows over the last seven weeks. This appears tied to rampant speculation around Ethereum's long-awaited “Merge” upgrade, which is a bullish sign for ETH investors.