Institutional investors appear to be dipping their toes back into the crypto markets to get in on lower price levels, according to a new report.
Digital asset manager CoinShares says investors are cautiously adding to their crypto portfolios.
“Digital asset investment products saw inflows for a second week totaling US$19m last week, while small, it continues to suggest investors are beginning to cautiously add to positions at these depressed price levels.”
Bitcoin (BTC), the largest crypto by market cap, led the way last week in inflows, totaling $22 million. This marks the second week of inflows in a row for Bitcoin.
Leading smart contract platform Ethereum (ETH) has not fared as well as Bitcoin over the past two months, according to the firm.
“Ethereum continues to suffer from negative sentiment with outflows of US$27m, the 8th consecutive week which now total US$272m.”
Multi-asset investment products enjoyed inflows of $32.1 million, while multiple digital assets suffered outflows.
“Solana, Polkadot and Cardano saw outflows last week suggesting investors are shunning altcoins, although multi-asset funds (a combination of coins) saw inflows totaling US$32m, the largest since June 2021, suggesting investors are adopting a diversified investment approach.”
Solana (SOL), Polkadot (DOT) and Cardano (ADA) all saw relatively minor outflows last week, equaling less than $10 million in total.
The full CoinShares report can be read here.
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