Digital assets manager CoinShares says institutional investors are eyeing up altcoins as crypto markets suffer outflows for the ninth week in a row.
In its latest Digital Asset Fund Flows Weekly Report, CoinShares finds that institutional investors sold off $5.1 million in crypto holdings last week, significantly less than in the previous eight weeks.
“Digital asset investment products saw minor outflows totaling US$5.1m. The end of the week saw minor inflows following the news that one of the world’s largest asset managers has applied for a Bitcoin ETP (exchange-traded product) in the US, although these inflows were not enough to offset outflows seen earlier in the week. Consequently, a 9th week of outflows was recorded, with this run of outflows now totaling US$423m.”
“The prior week’s crash in altcoin prices prompted investors to add to positions, with inflows totaling US$2.4m, with XRP, Cardano and Polygon being the focus, seeing inflows of US$1m, US$0.6m and US$0.2m respectively.”Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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