Bitcoin institutional funds balance has seen a massive trend reversal. In the last week, Bitcoin was the focus of institutional investors who poured in $98 million to the market according to CoinShares.
Bitcoin leads record weekly crypto funds inflows
In its Digital Asset Fund Flows Weekly Report, the digital assets management firm states that the crypto market has recorded its largest week of inflows since December last year. Total inflows for the week reached $193 million.
Bitcoin’s run-up during the week brings funds inflows to the benchmark cryptocurrency to $162 million year-to-date.
Similarly, other assets and funds also saw sentiments turn bullish. Solana registered its largest single week of inflows since its launch totaling $87 million, CoinShares revealed.
This represents 36% of Solana’s assets under management (AuM) in institutional funds. With the surge, Solana is now the fifth “largest investment product and the largest single altcoin other than Ethereum” the report stated.
There were also inflows to other crypto assets including Cardano, Polkadot, and ATOM, as well as investment vehicles including multi-assets products and blockchain equities.
The crypto market’s price recovery has also helped boost investor sentiment. Total assets under management saw an increase in value, and trading volume also received a leg up.
Following last week’s price recovery, total assets under management (AuM) now sit at US$57bn… Trading volumes recovered to US$2.5bn for the whole of last week,” CoinShares said.
This is coming after two previous weeks of outflows from the market that were attributed to geopolitical concerns in Europe and the Americas as well.
Crypto market bullish developments driving prices higher
The record institutional funds inflows have a strong chance of continuing to run higher going by market indicators. This week, the market has been noted to have picked up momentum on the back of several bullish events both off-chain and on-chain.
Highlighting a few, CNBC remarked that Goldman Sachs’s announcement last week of becoming the first bank to offer over the counter (OTC) Bitcoin options trading, and Ray Dalio’s Bridgewater’s announcement of investment in crypto funds made a positive impression on investor sentiments.
Spurred on by the change in sentiments, Bitcoin surged to an intraday high of around $48,200. At the time of writing, Bitcoin is changing hands at around 47,500, up 0.98% in the last 24 hours. The pioneer crypto is now posting positive returns in the year-to-date time frame as well.
The post Institutional Players Poured $98 Million Into Bitcoin Products Last Week appeared first on CoinGape.
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