A leading digital asset manager says institutional investors are taking an interest in Cardano (ADA) and Polkadot (DOT) while heavily de-risking from Bitcoin (BTC).
In the latest Digital Asset Fund Flows Weekly report, CoinShares finds that BTC suffered $154 million in outflows last week, leading a digital asset market that saw outflows of $141 million total.
“Digital asset investment products saw outflows totaling $141 million last week. The ongoing volatility has led to fickle investors with some seeing this as an opportunity while the aggregate sentiment is predominantly bearish. Outflows totaling $154 million were seen in the Americas while Europe saw inflows totaling $12.4 million.”
Despite last week’s monstrous Bitcoin outflows, BTC’s year-to-date flows remain positive at $307 million. Ethereum (ETH) products, on the other hand, has year-to-date flows of negative $239 million, suffering an additional $300,000 in outflows last week.
Institutional investors poured $1 million apiece into digital asset investment products focused on Polkadot and Cardano while also investing $700,000, $500,000 and $100,000 in XRP, Solana (SOL) and Litecoin (LTC) products, respectively, according to CoinShares.
Multi-asset digital investment products, those investing in multiple crypto assets, enjoyed $9.7 million in inflows last week as investors sought refuge in diversity.
“[Multi-asset] investment products have seen only two weeks of outflows this year, much lower relative to its peers. We believe investors see multi-asset investment products as safer relative to single line investment products during volatile periods.”
Check Price Action
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/SpicyTruffel
Credit: Source link
