Digital assets manager CoinShares says institutional investors are becoming more optimistic on altcoins despite Bitcoin (BTC) and the overall markets suffering outflows for the second week in a row.
In its latest Digital Asset Fund Flows Weekly Report, CoinShares finds that halfway through 2023, digital assets have seen almost half a billion in inflows.
“Digital asset investment products saw minor outflows totaling US$21m last week. Trading volumes for digital asset investment products were low at US$915m for the week, compared to the US$1.5bn weekly average this year so far.
This was reflected in the broader Bitcoin market, which saw a total of US$16bn traded last week on trusted exchanges, compared to the weekly average this year of US$52bn. At the half year mark, digital assets have seen just under US$0.5bn of inflows.”
Coinshares says over 90% of outflows came from Bitcoin while short-BTC products suffered their 14th week of outflows in a row.
“This suggests investors have been taking profits in recent weeks, with the sentiment for the asset overall remaining supportive.”
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