Institutional players in the crypto markets appear to be rotating capital back to Bitcoin (BTC) after altcoins stole the spotlight in August.
According to data analysis from crypto asset management firm CoinShares, Bitcoin saw inflows totaling $59 million in the week ending September 3rd, painting a changing picture of investor sentiment as the previous eight weeks saw nothing but net outflows.
“Bitcoin saw inflows totaling US$59m, marking a potential turnaround in sentiment amongst investors. This is the first inflows following an 8-week spell of outflows, the longest endured by any digital asset investment product.”
Beyond Bitcoin, a total of $98 million in digital asset investment products inflows were recorded last week. For the past three weeks, the firm has seen inflows of over $140 million, which suggests to CoinShares that investor sentiment could be growing stronger.
As for altcoins, the smart contract platform Solana (SOL) remains at the forefront of investors’ attention as it continues is grind upwards. While the rest of the crypto market sold off on Tuesday, SOL printed a new all-time high of $195. Currently, Solana has pulled back slightly, trading at $175 according to CoinGecko.
“Solana remains the favorite with weekly inflows totaling US$13.2m last week, doubling its total inflows year-to-date. While AUM (assets under management) has grown from US$15m the previous week to US$44m last week.”
Meanwhile, CoinShares highlights that other top altcoins like Ethereum (ETH), Cardano (ADA), Polkadot (DOT), and XRP also saw significant inflows this past week.
“Ethereum saw a third week of inflows totaling US$14.4m, while market share is at a record 28%, highlighting that while some investors have protocol concerns, its dominance [is] continuing to rise.
Other altcoins, such as Cardano, Polkadot, and Ripple all saw notable inflows of US$6.5m, US$2.7m, and US$1.2m respectively.”
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