Digital assets manager CoinShares says institutional investors are still bullish on Bitcoin (BTC) and altcoins as crypto sees over $136 million in inflows last week.
In its latest Digital Asset Fund Flows Weekly Report, CoinShares finds that institutional investors poured $136 million into the crypto markets last week, the third week of significant inflows in a row.
“Digital asset investment products saw $136 million of inflows last week bringing the last 3 consecutive weeks inflows to $470 million, fully correcting the prior 9 weeks of outflows, bringing year-to-date flows to a net positive $231 million.”
Despite the big inflows, CoinShares also mentions that trading turnover is slowing.
“Trading turnover has slowed though, with investment products totaling $1 billion for the week compared to $2.5 billion average in the prior 2 weeks. These lower volumes may be due to the seasonal effects, where lower volumes are typically seen during July and August.”
Bitcoin took the lion’s share of the inflows at $133 million, continuing to be the main focus of investors.
“Bitcoin remains the focus amongst investors, with inflows totaling $133 million last week, while short-Bitcoin saw outflows of $1.8 million, its 11th consecutive week, further demonstrating investors favor the asset over altcoins at present.”
Ethereum (ETH), Litecoin (LTC), Solana (SOL), XRP, Polygon (MATIC) and multi-asset investment vehicles saw inflows of $2.9, $0.5, $1.2, $0.9, $0.8 and $0.2 million, respectively, while Cardano (ADA) saw outflows of $1.3 million.
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Source: https://dailyhodl.com/2023/07/10/another-massive-wave-of-capital-from-institutional-investors-hits-bitcoin-and-crypto-markets-coinshares/