A top crypto asset manager says institutional investors revived last week’s low of Bitcoin (BTC) bought, giving digital investment products their first week of inflows since early April.
In the latest edition of their weekly Digital Asset Fund Flows Weekly Report, CoinShares notes that institutions have invested $45 million in BTC products despite the market crash.
“Bitcoin saw inflows totaling $45 million, the top digital asset with investors expressing more positive sentiment, although…
Short Bitcoin saw its second-biggest weekly inflow on record, totaling $4 million. AUM [assets under management] is now at a record high of $45 million.”
Overall, North American investment products were far more active than European products.
“Flows were lopsided with $66 million inflows into North American investment products, while Europe saw outflows totaling $26 million.”
Ethereum (ETH) rival Solana (SOL) saw the most notable inflows of any altcoin last week, totaling $1.9 million. Multi-asset investment products, meaning those investing in multiple digital assets, saw inflows of $1.7 million while on XRP and Cardano (ADA) targeted investment products each saw $0.2 million in inflows.
Ethereum-focused products continued to struggle last week, taking ETH’s full-year outflows to over $200 million.
“Negative Ethereum sentiment persists, however, with outflows totaling $12.5 million over the past week, bringing total year-to-date outflows to $207 million.”
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Source: Crypto News Deutsch