Altcoins are taking a back seat as institutional investors turn their full attention to Bitcoin: CoinShares
Digital asset manager CoinShares says institutional crypto investment products saw inflows for the fourth straight week last week.
In its latest Digital Asset Fund Flows Weekly Report, CoinShares notes that institutional crypto investment products saw inflows of nearly $114 million last week, an ongoing sign of bullish institutional investors.
“Digital asset investment products saw inflows totaling $114 million last week, leading to an ongoing improvement in sentiment for the asset class. This 4-week run of inflows now totals $345 million, almost entirely reversing the previous 6-week run of outflows, which totaled $408 million.”
Source: CoinShares
CoinShares also notes that the improved investor sentiment comes at a time of low Bitcoin (BTC) market volume.
According to Coinshares, the king crypto was almost entirely in the focus of investors.
“Bitcoin was again almost the only focus for investors, with inflows of $104 million over the past week, taking its entire 4-week run to $310 million. We believe this is a flight to safety for investors fearful of the ongoing challenges of traditional finance. However, opinion remains divided as short bitcoin saw inflows totaling $14.6 million last week.”
Despite Ethereum (ETH)’s successful Shapella upgrade, the leading smart contract platform saw just $0.3 in inflows.
All altcoins took a backseat to BTC last week, with Solana (SOL) products suffering outflows of $2.1 million. Cardano (ADA) and XRP products fetched $100,000 each, while Litecoin (LTC) products fetched $200,000.
Don’t miss a thing – Sign up to receive crypto email alerts straight to your inbox
Check the price action
Follow us on Twitter, Facebook and Telegram
Surf the Daily Hodl Mix
Check the latest headlines
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any risky investments in bitcoin, cryptocurrency or digital assets. Please note that you transfer and trade at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/andreync/Chuenmanuse
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.