Leading digital asset manager CoinShares says institutional investors are taking the opportunity to buy the dip on Bitcoin (BTC), Ethereum (ETH) and Solana (SOL).
According to the firm, Bitcoin’s 12% dip amid the overall crypto market correction has not dampened investor sentiment.
“Digital asset investment products saw inflows totaling US$154m last week, with the most recent price correction, where Bitcoin prices fell by 12% over the week, seemingly not impacting the positive investor sentiment.”
Despite the dip, CoinShares reports that BTC saw inflows totaling over $100,000,000 last week alone, helping it remain the largest crypto within investment products.
“Bitcoin continues to see the majority of inflows, totaling US$114m last week. This has helped it retain an assets under management (AuM) share of 67% over the last month amongst investment products.”
Currently, BTC is trading at $57,505.
The report also dives into top smart contract platforms like Ethereum, Solana and Cardano (ADA).
“Ethereum saw inflows totaling US$14m last week, marking its fourth consecutive week of inflows totaling US$80m…
Inflows into world computer assets suggest that investors favor Solana. By measure of total inflows over the last month, Solana has seen inflows totaling US$43m over the last month versus Cardano at US$23m.”
Despite Cardano’s recent massive inflows, digital asset management firm notes that ADA saw millions in outflows last week.
“Some altcoins, for the first time in many months saw minor outflows, such as Cardano which saw outflows totaling US$2.1m.”
ADA is exchanging hands at $1.80 at time of writing.
You can read the full CoinShares report here.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxFeatured Image: Shutterstock/Philipp Tur/Andy Chipus/pikepicture/WhiteBarbie