With Bitcoin (BTC), investment products reporting a third week of inflows, institutional investors are turning to digital gold.
According to CoinShares’ Digital Asset Fund Flows Weekly Report, BTC investment products generated $68.7 Million worth of inflows from Sept. 27 through Oct. 1. This represents a 36% increase week-over-week.
Products tracking BTC now dominate inflows to digital assets products for two consecutive weeks. This bullish turn is fresh off a record-breaking streak of outflows that lasted for eight consecutive weeks, until September.
The week saw $90 million in total inflows to digital investment products. This is the seventh consecutive week of such inflows, as institutional investors increase their exposure to digital assets.
With inflows of $20.2 million, institutional investors also bought a large amount of Ethereum (ETH), investment products. BTC and ETH products saw gains of approximately 7.4% and 3.2%, respectively, for the week.
Altcoins also saw mixed interest last week. Products tracking Cardano and Solana (ADA) saw inflows of $1.1million and $700,000. respectively. Polkadot and Binance Coin (BNB), however, lost $800,000. Multi-asset funds saw a minimal $1.9 million inflow.
The institution demand for Solana seems to have bottomed, with inflows to products tracking SOL falling by 98% after hitting highs of $38.9million five weeks ago.
CoinShares noted that despite the market’s recovery from July’s violent pullback, last week’s trade volume was still low compared with the $8.4 Billion worth of institutional crypto products that were traded weekly at the peak of the 2021 bull cycle. This was in mid-May.
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CoinShares estimates that institutional asset managers manage combined assets under management (AUM), which is a weekly increase 8.5%.
Grayscale, which represents $41.1 billion or 71% the sector’s total AUM, continues to be the dominant player in the sector. With $2.2 billion in AUM and $2.1 billion respectively, CoinShares XBT (and Purpose funds) rank second and third.