Institutional crypto bulls are back. Last week, digital asset investment products attracted a total of $100 million worth of inflows after suffering huge outflows in the prior week. Investors preferred Bitcoin over altcoins as the world’s most dominant cryptocurrency saw $126 million worth of inflows during the mentioned period.

Bearish sentiment around Ethereum is not over yet. Since the start of 2022, ETH investment products witnessed outflows of approximately $357 million, compared to overall inflows of $506 million in BTC investment products. Multi-asset crypto investment products saw $201.3 million in year-to-date inflows.

“Digital asset investment products saw inflows totaling US$100m last week, despite crypto prices range trading. The flows bring total assets under management (AuM) to US$39.8bn. Regionally the flows were predominantly from the Americas, totaling US$88m while European flows totaled just US$11m, with year-to-date inflows of US$570m and outflow of US$41m, respectively, suggesting European investors have been much more bearish this year so far,” CoinShares noted in its weekly digital asset fund flows report.

Crypto AUM

Amid market correction, the total value of global crypto assets under management has been declining since November 2021. After the Terra fiasco, BTC dipped below $30,000 and Ethereum dropped below $1,700 for the first time in almost 12 months.

Ethereum, the world’s second most valuable crypto asset, has been under pressure since the start of 2022. As a result, the value of ETH assets under management has declined sharply in the past 5 months.

“Ethereum continues to suffer, with another week of outflows totaling US$32m. Ethereum has endured 9 straight weeks of outflows implying enduring negative investor sentiment. However, since the outflows began in December 2021, they only represent just under 7% of total AuM. Multi-asset investment products saw inflows totaling US$4.3m and have seen consistent inflows during this bout of negative price action. Altcoins saw virtually no inflows last week highlighting investors are flocking to the relative safety of Bitcoin,” the report added.

This article was written by Bilal Jafar at www.financemagnates.com.NewsRead More