Institutional traders have poured nearly $89 million into bitcoin funds amid a market-wide slide in major crypto assets over the past week. However, Ethereum investment products saw an outflow of $15.2 million.
While Cointelegraph reported earlier this week that activity on the Bitcoin network is down 30% from its ATH level three months ago, digital gold appears to be the asset of choice for sophisticated investors of late.
According to the Digital Asset Fund Flow Weekly Report released by CoinShares on February 22, following the latest inflow of US$89 million between February 14 and February 18, BTC funds have accumulated a cumulative inflow of US$178.3 million this month.
This compares to a total outflow of $2.6 million from ethereum investment products so far this February, and only one inflow in the past 11 weeks.
At the time of writing, over the past seven days, the price of BTC is down 14.6% to around $38,000, while the price of Ethereum is down 16.2% to $2,668. Other top assets such as Cardano (ADA), Solana (SOL) and Ripple (XRP) also suffered double-digit losses.
CoinShares noted that inflows into digital asset investment products totaled $109 million last week despite “weak prices and the negative impact of looming conflict in Eastern Europe.”
In addition to bitcoin, institutional traders snapped up $25 million worth of investment products linked to ethereum rival Avalanche, while multi-asset funds and Solana funds also saw inflows of $9.4 million and $1.2 million, respectively.
“The latest data marks the fifth week of inflows, following January’s outflows. While there were inflows in both Europe and the Americas, it was mostly the latter, with inflows totaling $101 million.”
Among institutional asset managers and fund providers, the CoinShares XBT fund lost $21.6 million, while Purpose and ProShares saw inflows of $63.2 million and $26.6 million, respectively.
Cointelegraph Chinese is a blockchain news information platform, and the information provided only represents the author's personal opinion, has nothing to do with the position of the Cointelegraph Chinese platform, and does not constitute any investment and financial advice. Readers are requested to establish correct currency concepts and investment concepts, and earnestly raise risk awareness.
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