A leading digital asset manager says institutional investors are taking an interest in Cardano (ADA) and Polkadot (DOT) while heavily de-risking from Bitcoin (BTC).
In the latest Digital Asset Fund Flows Weekly report, CoinShares finds that BTC suffered $154 million in outflows last week, leading a digital asset market that saw outflows of $141 million total.
“Digital asset investment products saw outflows totaling $141 million last week. The ongoing volatility has led to fickle investors with some seeing this as an opportunity while the aggregate sentiment is predominantly bearish. Outflows totaling $154 million were seen in the Americas while Europe saw inflows totaling $12.4 million.”
Despite last week’s monstrous Bitcoin outflows, BTC’s year-to-date flows remain positive at $307 million. Ethereum (ETH) products, on the other hand, has year-to-date flows of negative $239 million, suffering an additional $300,000 in outflows last week.
Institutional investors poured $1 million apiece into digital asset investment products focused on Polkadot and Cardano while also investing $700,000, $500,000 and $100,000 in XRP, Solana (SOL) and Litecoin (LTC) products, respectively, according to CoinShares.
Multi-asset digital investment products, those investing in multiple crypto assets, enjoyed $9.7 million in inflows last week as investors sought refuge in diversity.
“[Multi-asset] investment products have seen only two weeks of outflows this year, much lower relative to its peers. We believe investors see multi-asset investment products as safer relative to single line investment products during volatile periods.”
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