BTC, the world’s largest crypto asset by market cap, regained its status as the most preferred digital currency among institutional investors last week after inflows of approximately $69 million.
According to the recent digital asset weekly fund flows report published by CoinShares, one of the world’s largest cryptocurrency asset management firms, ETH investment products attracted a total of $20 million worth of weekly institutional inflows. In terms of price, BTC and ETH have posted strong gains in the last seven days.
Overall, digital asset investment products saw inflows worth $90 million during the previous week. Apart from BTC and ETH, other cryptocurrency assets including Solana (SOL) and Cardano (ADA) have attracted minor inflows in the last week.
“Digital asset investment products saw inflows of US$90m last week, marking the 7th consecutive week of inflows totaling US$411m. Bitcoin (BTC) saw inflows of US$69m last week. We believe this decisive turnaround in sentiment is due to growing confidence in the asset class amongst investors. Ethereum saw another week of inflows totaling US$20m although it has conceded market share to Bitcoin in recent weeks, having fallen from a peak of 28% to 25%,” the report mentioned.
BTC’s Market Sentiment
The overall market sentiment around BTC has changed dramatically since the start of October 2021. The cryptocurrency is now up by more than 15% within the last 5 days. The total market dominance of Bitcoin jumped above 43% on 5 October. Apart from its retail craze, institutional investors are taking advantage of the latest BTC rally. The digital asset is now trading above $49,000 with a market cap of $925 billion.
“BTC has now seen its 3rd week of inflows totaling US$115m. We believe this decisive turnaround in sentiment is due to growing confidence in the asset class amongst investors and more accommodative statements from the US Securities Exchange Commission and the Federal Reserve,” CoinShares added in the latest weekly digital asset fund flows report.
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