The crypto market is looking pretty bullish in sentiment at the moment despite the volatility and multiple corrections that have been taking place.
The latest reports revealed that the digital asset manager CoinShares explained last week’s crypto market recovery was accompanied by quite significant institutional investment inflows for several large digital assets.
According to the latest Digital Asset Fund Flows Weekly report, the largest crypto by market cap, Bitcoin (BTC), enjoyed last week’s largest share of institutional investments.
“Bitcoin continues to lead the inflows with US$71m last week, the largest since early December with this 3-week run of inflows totaling US$108m. Volumes in Bitcoin investment products remained low last week at US$1.8bn versus US$3.4bn the previous week.”
Leading smart contract platform Ethereum (ETH) suffered its ninth consecutive week of outflows, losing $8.5 million in institutional investments last week.
“Investment products flows for Ethereum suggest investors remain bearish with outflows of US$8.5m, having entered the 9th week run of outflows totaling US$280m…”
It’s also worthwhile noting the fact that during all this, Ethereum challengers Solana (SOL), Polkadot (DOT), Terra (LUNA), and Cardano (ADA) all saw inflows totaling $2.4 million, $2.2 million, $1.4 million, and $1.1 million, respectively. This was the first week of significant institutional investor inflows for LUNA, as the online publication the Daily Hodl says.
Blockchain adoption
Other than this, the JPMorgan chairman also made sure to explain the ways in which blockchain adoption can be distinct from crypto valuations.
He said that he speaks for himself and not JPMorgan, the analyst says:
“I did not anticipate the increase in crypto values from $25 billion to $250 billion to $2.5 trillion (and now $1.5 trillion), and I recognize that I am late to this.”
Stay tuned for more news and make sure to keep your eyes on the crypto market. Despite the massive volatility, there are all kinds of optimistic predicitons about the prices of the coins these days.
