Digital asset management firm CoinShares says there’s a shift in sentiment from institutional investors as inflows return to the crypto markets.
In a new report, CoinShares highlights that for the first time in weeks, institutions are moving money into crypto assets to the tune of tens of millions of dollars.
“For the first time in five weeks, digital asset investment products saw inflows totalling $63 million last week. And for the first time in nine weeks, inflows were seen across all individual digital assets implying a turnaround in sentiment amongst investors.”
According to CoinShares, deep-pocketed investors are primarily interested in Bitcoin, followed by Ethereum.
“Bitcoin saw the most inflows totalling $39 million, with minor updates to the previous weeks’ data highlighting a two-week run of inflows now. While Ethereum, following three weeks of outflows, saw inflows totalling $18 million.”
At time of writing, Bitcoin is trading at $34,778, up 0.07% in the last 24 hours according to CoinGecko.
Other altcoins are also getting the attention of institutional investors. Emerging blockchain platform Cardano (ADA) witnessed inflows of $2.10 million while XRP saw an influx of capital worth $1.20 million. Interoperable blockchain protocol Polkadot (DOT) and BTC fork Bitcoin Cash (BCH) are also on the radar of big-money players with $700,000 and $400,000 worth of inflows, respectively.
While millions of dollars flowed into Bitcoin last week, CoinShares notes that the trading volume of BTC investment products is at its lowest level in eight months.
“While there were inflows last week, Bitcoin investment product trading turnover was the lowest since November 2020. A similar observation was seen more broadly across the whole of the Bitcoin ecosystem with volumes down 38% relative to the average for 2021.”
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