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Leading digital asset manager CoinShares says institutional inflows to Bitcoin (BTC) and one Ethereum (ETH) rival aren’t slowing down despite a week of sell-offs and market jitters.
According to CoinShares, crypto asset products saw nearly $200 million worth of inflows last week. However, major outflows occurred at the end of the week, apparently in response to “investor jitters.”
“Digital asset investment products saw inflows totaling US$184m last week, with prices in Bitcoin falling 7% over the same period, suggesting investors continue to see recent price weakness as a buying opportunity.
Although the sharp price weakness at the end week did lead to US$40m of outflows late Friday.”
According to the firm, one major smart contract platform appeared to be unfazed by recent market volatility.
“Solana saw continued inflows totaling US$4.6m for the week, seemingly unaffected by the recent price jitters.”
According to the report, Solana (SOL) saw inflows totaling $4.6 million last week during the market downturn. In last week’s report, CoinShares named Solana as one of the “winners” for institutional investment, alongside interoperable blockchain Polkadot (DOT).
Despite success in last week’s report, DOT suffered institutional investment outflows this week, along with global currency blockchain Cardano (ADA).
“Polkadot, the coin that helps different blockchains interoperate, saw outflows totaling US$3m last week.
The majority of outflows came in the latter half of the week, but it may also be due to uncertainty surrounding the parachain auctions which finalize on 17th December.”
As for the largest crypto asset by market cap, BTC remained on top this week, though it did suffer major outflows before the weekend.
“Bitcoin saw inflows totaling US$145m last week although it suffered at the end of the week with outflows of US$42m on Friday and bore the brunt of investor jitters.”
BTC is trading at $49,199.55 at time of writing, up nearly 1% on the day.
You can read the full CoinShares report here.
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Featured Image: Shutterstock/Mia Stendal/Sensvector
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