Altcoins Take Backseat As Institutional Investors Give Full Attention to Bitcoin: CoinShares
Digital assets manager CoinShares says institutional crypto investment products enjoyed their fourth consecutive week of inflows last week.
In its latest Digital Asset Fund Flows Weekly Report, CoinShares finds that institutional crypto investment products saw inflows of nearly $114 million last week, a continued sign of bullishness from institutional investors.
“Digital asset investment products saw inflows totaling $114m last week, which is seeing continued improving sentiment for the asset class. This 4-week run of inflows now total $345m, almost fully correcting the prior 6-week run of outflows that totaled $408m.”
CoinShares also notes that the improved investor sentiment comes at a time of low Bitcoin (BTC) market volume.
The king crypto has been almost the entire focus of the investors, according to Coinshares.
“Bitcoin has again been almost the sole focus for investors, with inflows of $104m last week, bringing its total 4-week run to $310m. We believe this is a flight to safety by investors fearful of the ongoing traditional finance challenges. Opinion remains divided though, with short bitcoin seeing inflows totaling $14.6m last week.”
Despite Ethereum’s (ETH) successful Shapella upgrade, the leading smart contract platform only took in $0.3 in inflows.
All altcoins took a backseat to BTC last week, with Solana (SOL) products suffering outflows of $2.1 million. Cardano (ADA) and XRP products took in $100,000 a piece while Litecoin (LTC) products raked in $200,000.
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