Categories: Bitcoin

Turn it upside down? Institutions are net buyers of cryptocurrencies for the first time in 5 weeks

After the longest selling streak since February 2018, institutional managers became net buyers of digital asset funds last week, expressing cautious optimism that the market’s worst sell-off is over.

CoinShares said in its latest report that it invested $ 63 million in digital asset funds for Bitcoin (BTC), Ether (ETH) and other funds in the week ending February. For the first time in nine weeks, capital flows were recorded on all individual digital assets with dedicated funds.

Bitcoin funds recorded weekly inflows of $ 38.9 million for a grand total of $ 4.186 billion. CoinShares revised last week’s grand total to reflect a small increase in net investments.

Ether funds recorded weekly inflows of $ 17.7 million, bringing their total year-to-date value to $ 960 million and seeing three consecutive weekly inflows.

Funds investing in Polkadot and XRP posted inflows of $ 2.1 million and $ 1.2 million, respectively.

While multi-asset funds saw positive weekly inflows, the total was much smaller than in the previous weeks, a sign that investors are returning to Bitcoin.

Grayscale, the world’s largest digital asset manager, report Last week, the company’s total assets under management reached $ 29.8 billion. Some analysts fear the crypto market could face headwinds in the coming weeks after Grayscale’s GBTC key expires, allowing investors to sell stocks.

Connected: Is Bitcoin at Risk of Losing $ 30,000 in Two Weeks on Grayscale’s Massive GBTC Unlock?

Institutional buyers played a key role in the cryptocurrency’s recent bull market and were also a source of volatility on its way down. As Cointelegraph reported in May, Michael Sonnenshein of Grayscale, Jeffrey Wang of Amber Group and Edouard Hindi of Tyr Capital believe financial advisors can play an important role in expanding institutional adoption in the future.

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