Institutional Investors Target Bitcoin Again
Institutional investors have shifted their focus from altcoins to Bitcoins. For the second week in a row, BTC investment products are on the top of the ranking in terms of the flow of funds into crypto assets.
According to CoinShares‘ latest weekly digital asset fund flows report, BTC investment products received $68.7 million of inflows between September 27 and October 1, up 36% from last week.
CoinShares noted in the report that for two consecutive weeks, there was a trend in the flow of funds, mostly in Bitcoin tracking products than in other crypto products.
The total inflow of funds into digital investment products was $90 million in a week. This means that institutional investors have been increasing access to digital assets for seven weeks in a row.
In addition, institutional investors bought up a variety of Ethereum (ETH) investment products for $20.2 million, despite a 7.4% and 3.2% rise in prices for BTC and ETH products, respectively.
Investors have not completely abandoned altcoins. At least $1.1 million and $700,000 respectively were invested in products tracking Cardano (ADA) and Solana (SOL) last week, despite the fact that institutional demand for Solana products fell 98% in five weeks.
The Polkadot (DOT) and Binance Coin (BNB) funds lost $800,000 each. And multi-asset funds attracted only $1.9 million of investments.
According to CoinShares, the market is still recovering from a sharp downfall in July, with trading volume remaining low compared to May 2021.