Institutional investors piled $225 million into Bitcoin products while Ether products saw outflows of $13.6 million this past week.
Institutional investors are continuing to pile into Bitcoin despite prices pushing up to a five-month high.
According to CoinShares’ Oct. 12 Digital Asset Fund Flows Weekly report, more than $226 million in capital flowed to institutional Bitcoin (BTC) products this past week. Bitcoin products dominated inflows for the third consecutive week, posting a week-over-week increase of 227%.
The heavy inflows coincided with the price of BTC gaining 12.5% for the week, with BTC sitting at around $54,000 on Oct. 8.
CoinShares attributes the positive shift in sentiment towards Bitcoin to recent statements from U.S. Securities and Exchange Commission (SEC) chairman Gary Gensler’s suggesting the long-awaited approval of the United States’ first Bitcoin exchange-traded fund (ETF) may be just around the corner.
The surging activity surrounding Bitcoin has seen the combined assets under management (AUM) of institutional crypto products push up to $66.7 billion last week — with CoinShares estimating the total is just 5% shy of the sector’s record AUM from May.
Products tracking altcoins have posted a mixed performance for the week, with Solana (SOL) and Cardano (ADA) products generating inflows of $12.5 million and $3 million respectively. However, funds offering exposure to Ether (ETH), Polkadot (DOT) and Ripple (XRP) suffered outflows of $13.6 million, $2.1 million and $600,000 each.
Crypto investment products have now posted inflows for eight weeks in a row.
Source: cointelegraph.com
Coin | Change(%) | Price | Volume (24h) |
---|---|---|---|
Bitcoin (BTC) | 3.71 | $72,084.86 | $45.5B |
Ethereum (ETH) | 3.43 | $4,038.91 | $20.8B |
XRP (XRP) | 18.52 | $0.727106 | $4.4B |
Solana (SOL) | 1.58 | $147.242060 | $3.8B |
Binance Coin (BNB) | -2.22 | $519.52 | $3.0B |
USD Coin (USDC) | 0.03 | $0.999697 | $2.4B |
Dogecoin (DOGE) | 0.96 | $0.174374 | $2.1B |
Shiba Inu (SHIB) | -2.92 | $0.000033 | $1.7B |
Floki Inu (FLOKI) | -7.67 | $0.000267 | $1.3B |
Avalanche (AVAX) | 13.16 | $47.596296 | $1.2B |