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.
Andrey Kunev
Reporter at CoinsPress
Andrey Kunev is a knowledgeable cryptocurrency content creator passionate about the crypto market. With extensive experience in market analysis and investment reporting, Andrey is a valuable asset to the CoinsPress team. As a frequent contributor, he offers insightful and comprehensive coverage of market trends, price fluctuations, and new advancements in cryptocurrency. Whether you're a seasoned investor or just getting started, Andrey's clear and concise writing offers a comprehensive look at the current state of the crypto market and its prospects. Stay up-to-date with CoinsPress's expert analysis and commentary on all things cryptocurrency.
