BTC, the world’s largest crypto asset by market capitalization, regained its place as the most preferred digital currency among institutional investors last week after inflows of nearly $69 million.
According to the latest weekly digital asset fund flows report published by CoinShares, one of the world’s largest crypto asset managers, ETH investment products attracted a total of $20 million in weekly institutional inflows. In terms of price, BTC and ETH have posted solid gains over the past seven days.
Overall, digital asset investment products saw $90 million in inflows over the previous week. Aside from BTC and ETH, other crypto assets including Solana (SOL) and Cardano (ADA) have attracted slight inflows in the last week.
Today’s players are tomorrow’s merchants
Digital asset investment products saw inflows of $90 million last week, marking the seventh consecutive week of inflows totaling $411 million. Bitcoin (BTC) saw an inflow of $69 million last week. We believe that this crucial shift in sentiment is due to the growing confidence in the asset class among investors. Ethereum saw another week of inflows totaling $20 million even though it has ceded market share to Bitcoin in recent weeks, after dropping from a peak of 28% to 25%, the report said.
BTC Market Sentiment
The general market sentiment around BTC has changed dramatically since the beginning of October 2021. The cryptocurrency is now up more than 15% in the last 5 days. Bitcoin’s overall market dominance jumped above 43% on October 5. Aside from the retail frenzy, institutional investors are also benefiting from the recent BTC rally. The digital asset is now trading above $49,000 with a market capitalization of $925 billion.
“BTC has now seen its third week of inflows totaling $115 million. We believe this crucial shift in sentiment is due to the growing confidence in the asset class among investors and more favorable data from the US Securities and Exchange Commission and the Federal Reserve,” CoinShares added in its latest weekly inflows report. digital asset funds.