As the last quarter of the year kicks off, bitcoin has regained its dominance in the amount of interest institutional investors have shown as it leads the pack in weekly flows.
According to CoinShares’ latest Digital Asset Fund Flows weekly report, institutional investors have continued to increase their exposure to cryptocurrencies. The asset class saw a total of $90 million in inflows last week, marking the seventh consecutive week of positive inflows.
More than 75% or $68.7 million of total inflows went into bitcoin investment products between September 27 and October 1, making it the second week in a row that the cryptocurrency has dominated.
Increased confidence in Bitcoin
The renewed confidence comes shortly after bitcoin experienced its longest streak of outflows on record in nearly eight consecutive weeks from late July to early September.
According to the report, the massive shift in the amount of BTC inflows is evidence that institutional investors are becoming more confident in the origin of the cryptocurrency.
“We believe that this crucial shift in sentiment is due to the increased confidence in the asset class among investors and more favorable data from the US Securities Commission and Federal Reserve,” CoinShares said.
Mixed flows of altcoins
On the other cryptocurrency side, though, the report noted that inflows have been mixed, with some altcoins getting a lot of attention while others – not much.
Investors have shown great interest in Ether (ETH), considering that it posted an inflow of about $20.2 million last week.
Cardano (ADA) saw inflows totaling $1.1 million, multi-asset fund inflows of $1.9 million, and Solana (SOL) $700,000, down a whopping 98% from its previous high of $38.9 million.
On the other hand, Polkadot (DOT) and Binance Coin (BNB) did not perform well as both recorded outflows of $800,000 each.
However, despite the market’s gradual recovery from the July crash, the report indicated that the $2.4 billion trading volume recorded last week is relatively small compared to the weekly $8.4 billion trading volume that was traded during May’s upward move.
In addition, the CoinShares document revealed that institutional asset managers currently own $57.1 billion in Asset Under Management (AUM), with Grayscale at the top of the list.
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