financemagnates.com
Bitcoin saw a massive jump in weekly institutional crypto inflows last week after BTC-related investment products attracted $225 million during the mentioned period. Overall, the digital asset investment products saw inflows worth $226 million during the recent week.
According to the latest digital asset weekly fund flows report published by CoinShares, Bitcoin dominated the weekly institutional inflows due to the recent turnaround in its market sentiment. Bitcoin is up by nearly 20% in the last seven days. The world’s largest cryptocurrency is currently trading near $57,000, its highest level since May 2021. BTC now accounts for approximately 47% of the total crypto market cap.
Apart from Bitcoin, Solana (SOL) and Cardano (ADA) also saw decent inflows during the last week. SOL investment products saw inflows worth $12.5 million last week while ADA investment products attracted $3 million during the mentioned period. Polkadot, XRP, and Litecoin didn’t fare so well with outflows of US$2.1m, US$0.6m, and US$0.2m respectively.
“Bitcoin saw inflows totaling US$225m, comprising a significant majority of the total. We believe the turnaround in sentiment towards BTC is due to constructive statements from SEC chair Gary Gensler, potentially allowing a Bitcoin ETF in the US. Our recent survey data also highlights greater institutional participation in the asset class. Ethereum saw minor outflows totaling US$14m and continues to lose market share to Bitcoin, having fallen 1% to 24% of AuM over the last week alone,” CoinShares highlighted in the report.
Institutional Interest in Bitcoin
Due to the latest price surge, Bitcoin saw a jump in institutional interest. In its recent research note, JPMorgan, one of the world’s largest investment banks, mentioned that institutional investors are considering BTC as an inflation hedge. Bitcoin’s network activity including its mining revenues also grew substantially during the latest week. BTC miners are now earning over $40 million per day.
Overall, global crypto assets under management crossed the level of $66 billion last week. The number includes $45 billion worth of Bitcoin assets under management.