Institutional investors continue to move their money away from Bitcoin and Ethereum despite the recent boost in the crypto markets, according to the digital asset manager CoinShares.
However, institutions are buying multi-asset investment products. While digital asset investment products saw $19.5 million in overall outflows last week, multi-asset investment products had $7.5 million in inflows, CoinShares reports.
Overall, digital asset investment products had their fourth consecutive week of outflows, which CoinShares says were triggered by negative price action starting in mid-May. Bitcoin had outflows worth nearly $20 million, though BTC inflows year-to-date remain at $4.1 billion.
Ethereum had $9.5 million in outflows but also remains positive over the year, with $957 million year-to-date. CoinShares notes ETH investors have been more “forgiving” of the bearish price movement, only seeing outflows in six of the past 12 weeks, compared to 10 for Bitcoin.
Like multi-asset investment products, XRP, Cardano, and Polkadot also went against the overall trend, each seeing small inflows over the past week. XRP had inflows of $1.1 million, bringing it to a total of $45 million in inflows on the year. Cardano saw $0.5 million in inflows last week, bringing ADA to a yearly total of $37 million. And Polkadot had a weekly inflow of $0.4 million, bringing DOT’s yearly total to $62 million.
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