Digital assets manager CoinShares says institutional investors are bullish on Bitcoin (BTC) and altcoins as crypto sees over $120 million in inflows last week.
In its latest Digital Asset Fund Flows Weekly Report, CoinShares finds that institutional investors poured $125 million into the crypto markets last week, the second week of significant inflows in a row.
“Digital asset investment products saw a second week of inflows totaling US$125m, bringing the last two weeks of inflows to US$334m, representing almost 1% of total assets under management (AuM). Recent price appreciation saw AuM rise to US$37bn during the week, the highest point since early June 2022 and matching the average AuM for 2022. Trading activity remained high at US$2.3bn for the week, well above the US$1.5bn year-to-date average.”
BTC took the lion’s share of investor inflows to the tune of $123 million.
“Bitcoin remained the primary focus of investors, seeing inflows of US$123m, with the last 2 weeks’ inflows representing 98% of all digital asset flows. Bitcoin investment products are now back to a net inflow year-to-date having been in a net outflow position of US$171m just 2 weeks ago.
Despite recent price appreciation, short-bitcoin investment products continued to see outflows totaling US$0.9m, representing its 10th week of outflows which now represent 59% of AuM. Despite this recent bearishness for short-bitcoin, it remains the second best-performing asset in terms of inflows year-to-date at US$60m.”
While multi-asset investment products and Solana (SOL) saw outflows of $1.8 million and $0.8 million, respectively, other altcoins like Ethereum (ETH), Litecoin (LTC), XRP and Cardano (ADA) enjoyed inflows of $2.7 million, $0.3 million, $0.4 million and $0.9 million, respectively.
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Featured Image: Shutterstock/Smartha
