Institutional money continues to pour into digital assets despite the market correction that we’ve been seeing lately.
Check out the latest reports revealed by CoinShares via the online publication the Daily Hodl.
Institutional money is pouring into crypto – buying the dip
CoinShares says institutional investors are taking the opportunity to buy the dip on Bitcoin (BTC), Ethereum (ETH) and Solana (SOL).
According to the official notes, Bitcoin’s 12% dip amid the overall crypto market correction has not dampened investor sentiment.
“Digital asset investment products saw inflows totaling US$154m last week, with the most recent price correction, where Bitcoin prices fell by 12% over the week, seemingly not impacting the positive investor sentiment.”
Despite the dip, CoinShares just revealed that BTC saw inflows totaling over $100,000,000 last week alone. It’s been revealed that this helped it remain the largest crypto within investment products.
“Bitcoin continues to see the majority of inflows, totaling US$114m last week. This has helped it retain an assets under management (AuM) share of 67% over the last month amongst investment products.”
At the moment of writing this article, BTC is trading in the red and the king coin is priced at $56,821.
Ethereum, Solana and Cardano investors are coming
The report also dives into top smart contract platforms like Ethereum, Solana and Cardano (ADA).
“Ethereum saw inflows totaling US$14m last week, marking its fourth consecutive week of inflows totaling US$80m…”
The same notes continued and said:
“Inflows into world computer assets suggest that investors favor Solana. By measure of total inflows over the last month, Solana has seen inflows totaling US$43m over the last month versus Cardano at US$23m.”
Despite the market corrections, there are all kinds of optimistic predictions about the prices of cryptos these days.
The other day, we revealed that ARK Invest CEO Cathie Wood said that large institutional entities with strong hands are moving into Bitcoin (BTC) in a hurry.