Digital assets manager CoinShares says large institutional investors are pouring money into Bitcoin (BTC) at rates not seen in the last six months.
In its latest Digital Asset Fund Flows Weekly Report, CoinShares finds that institutional investors are pouring money into the digital asset markets after a long dry spell.
“Digital asset investment products saw US$117m inflows last week, the largest since July 2022, while total asset under management (AuM) have risen to US$28bn, up 43% from their November 2022 lows.
The focus was almost entirely on Bitcoin, which saw US$116m inflows last week, although there were also minor inflows into short-bitcoin of US$4.4m.”
Short BTC products, which aim to profit on downward moves of the leading cryptocurrency by market cap, saw $4.4 million in inflows last week as traditional BTC products took in $116 million.
While BTC and other altcoin investment products had solid inflows, CoinShares says multi-asset investment products, those investing in more than one digital asset, saw outflows for the ninth week in a row.
“Multi-asset investment products saw outflows for the 9th consecutive week totaling US$6.4m, suggesting investors are preferring select investments. This was evident in altcoins as Solana, Cardano and Polygon all saw inflows, while Bitcoin Cash, Stellar and Uniswap all saw minor outflows.”
Ethereum (ETH) investment products saw inflows of $2.3 million. Solana (SOL) products took in $1.1 million. Polygon (MATIC) products enjoyed inflows of $200,000.
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