Institutions Pour $36,000,000 Into Bitcoin, Ethereum and One Additional Altcoin As Market Volatility Skyrockets: CoinShares
Digital asset manager CoinShares says institutional investment in crypto assets hit $36 million last week as Russia’s invasion of Ukraine rocked global markets.
In the latest Digital Asset Fund Flows Weekly report, Coinshares says institutional inflows from the Americas canceled out last week’s European outflows.
“Digital asset investment products saw inflows totaling US$36m last week despite the ongoing turmoil in Eastern Europe and the anticipated negative sentiment. Interestingly, volumes in Bitcoin crypto exchanges that trade the RUB/USD pair have seen volumes rise by 121% week-on-week.
Regionally, flows have been, one-sided, with the Americas seeing inflows (notably Canada & Brazil) totaling US$95m while European investment products saw outflows totaling US$59m last week.”
According to CoinShares, this marks the sixth week of investment inflows into digital asset products.
As usual, the leading crypto by market cap Bitcoin (BTC) enjoyed the lion’s share of inflows, followed in turn by the second-leading crypto by market cap, Ethereum (ETH).
“Bitcoin saw inflows totaling US$17m last week, entering its 5th consecutive week of inflows totaling US$239m. Ethereum saw minor inflows totaling US$4.2m.”
Breaking recent inflow trends, Solana (SOL) and Litecoin (LTC) suffered outflows this week, along with most of the altcoin market. According to CoinShares, up-and-coming smart contract platform Tezos (XTZ) was the only digital investment product to defy the outflowing altcoin markets.
“Unusually, most altcoins saw minor outflows last week. Solana and Litecoin were the primary focus of negative investor sentiment with outflows totaling US$2.6m and US$0.5m respectively.
Tezos was the only altcoin investment product to see inflows which totaled US$4.4m…”
The full CoinShares report can be read here.
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The post Institutions Pour $36,000,000 Into Bitcoin, Ethereum and One Additional Altcoin As Market Volatility Skyrockets: CoinShares appeared first on The Daily Hodl.
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