Large institutional investors poured millions into crypto investment products last week even after the recent $500 billion market correction. Crypto market sentiment remained positive over the past seven days despite a dip in the value of digital assets.
The weekly digital asset inflows report published by CoinShares highlights $154 million worth of institutional investment into crypto products. As expected, investors preferred Bitcoin over other cryptocurrencies last week.
The most important driver behind the jump in BTC-related inflows was a surge in the recently launched ETFs in the US. Some other crypto-assets like Cardano (ADA) saw outflows worth $2.1 million last week for the first time in several months.
As far as altcoins are concerned, investors preferred Solana (SOL) over Polkadot, Binance Coin (BNB) and Litecoin (LTC). In the past 4 weeks, SOL attracted a total of $43 million worth of institutional investment.
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“Crypto investment products saw inflows totaling US$154m last week, with the most recent price correction where Bitcoin prices fell by 12% over the week, seemingly not impacting the positive investor sentiment. Bitcoin continued to see the majority of inflows, totaling US$114m last week. This has helped it retain an asset under management (AuM) share of 67% over the last month amongst investment products,” CoinShares highlighted.
“Although this has not been reflected in market prices, with Bitcoin having fallen 4% over the month versus Ethereum which rose 14% over the same period. This disparity may be due to the recently launched ETFs in the US where investment products saw 90% of inflows,” the report added.
In addition to Bitcoin and other crypto-assets like SOL, Binance Coin and Polkadot, Ethereum saw consistent inflows in the last week. ETH investment products attracted a total of $14 million in the mentioned period. Over the last 4 weeks, Ethereum has seen inflows worth $80 million. Overall, global ETH assets under management stand at around $18.7 billion.