Bitcoin Back in Favor Among Institutional Investors Again
Market leaders Bitcoin and Ethereum regained interest among investors, registering the maximum inflows of over $68 million and over $20m
News about China tightening its ban on cryptocurrency transactions and other regulatory challenges around the world have failed to deter investors and instead became a solid opportunity for institutional investors to ‘buy the dip’ last week. Latest data from CoinShares reveals that digital asset investment products saw inflows worth $90 million over the past week, bringing a total of $390 million worth of investments into crypto assets over the past seven weeks.
Market leaders Bitcoin and Ethereum regained interest among investors, registering the maximum inflows of over $68 million and over $20 million respectively during the week ending on October 1. Other notable cryptocurrencies that saw institutional inflows during the period include Cardano ($1.1m) and Solana ($0.7m).
Although Ethereum continued to enjoy institutional inflows, its market share has gone down from 28% to 25% while Bitcoin’s market share registered a growth. Institutional investors have been pouring funds into Bitcoin for the third consecutive week, a clear indicator of rising confidence, supported by optimistic statements from the US SEC and Fed lately.
Although crypto assets continue to receive investments, the amount of inflows into the asset class has reduced considerably, to $2.4 billion, from a record high of $8.4 billion in May this year. This was just before the ‘flash crash’ the crypto market experienced, following which the level of optimism among investors eased lower.
The report also reveals that last week saw mixed feelings among institutional investors towards altcoins. While Cardano and Solana registered inflows over the past week, other popular altcoins like Polkadot, Tezos and even Binance experienced outflows of $0.8 million each.
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