Institutional Investors Flock to Bitcoin
CoinShares, a digital assets manager, has reported that institutional investors are pouring money into Bitcoin (BTC) and other digital assets for the fourth consecutive week.
This shift in investor sentiment towards digital assets has been noted as a notable change at the beginning of 2023.
Heavy inflows to Bitcoin
According to CoinShares, Bitcoin continues to be the primary focus of institutional investors, with inflows totaling $69 million, representing 90% of the total weekly flows. With its majority share of the digital assets market cap, the king crypto has seen the most significant inflows of institutional investments.
Limited inflows to Ethereum
In contrast to its share of the overall crypto market, Ethereum (ETH) has seen only limited inflows from institutional investors. The report found that despite the improving clarity around unstaking, Ethereum saw only $0.7 million in inflows.
Minor inflows to altcoins
The report also found that other altcoins saw even more minor inflows than ETH. Ethereum rival Solana (SOL) took in $0.5 million, while Cardano (ADA) saw $0.6 million in inflows. Ethereum layer-2 scaling solution altcoin Polygon (MATIC) received $0.3 million, and other unnamed altcoins saw outflows of $0.5 million.
Outflows from multi-asset institutional investment products
Multi-asset institutional investment products, those that invest in more than one digital asset, suffered $2.5 million in outflows.