With the current downtrend in the crypto market, investors have taken advantage to position themselves towards a potential uptrend in the price of assets, especially in Bitcoin.
A Coinshares report on Monday revealed that more than $120 million flowed into Bitcoin within the past seven days, alongside other crypto assets.
Bitcoin Inflow Crosses $120M Within a Week
Coinshares noted that institutional investment in Bitcoin in the past week reached a total of $126 million while recording assets under management (AUM) of $26.8 billion.
Although Bitcoin saw a decent year-to-date (YTD) amount of $506 million, the digital asset suffered a bearish month-to-date (MTD) record, seeing a total withdrawal of $34.8 million.
Since the fiasco with Terra LUNA, Bitcoin has struggled on a bearish price trail around the $30k mark. At the time of writing, BTC was trading at $29,500.
Ethereum Continues on Its Outflow Trend
The second-largest cryptocurrency, Ethereum, recorded an outflow of $32 million in just seven days. The past week signifies a steady outflow of ether for nine weeks uninterrupted.
This continuous outflow has rubbed off on Ethereum’s MTD and YTD records, which are outflows of $32 million and $357 million respectively. The coin currently has an AUM of $8.7 billion on Coinshares.
The continuous withdrawal of the asset has affected the price of the asset. Ethereum is currently trading at $1700, representing a 65% decrease from the all-time high (ATH).
Other Digital Assets See Little or No Inflow
The Coinshares report noted that altcoins saw minimal inflows in the past week. No inflow was recorded for assets such as Binance BNB, Litecoin, and Cardano. Solana, on the other hand, recorded $100k in inflows with an AUM of $97 million. Ripple’s XRP recorded an inflow of $200k, a YTD of $5.8 million, and an AUM of $33 million.
Multi-asset garnered an inflow of $4.3 million, an MTD and YTD inflow of $2.8 million and $201 million respectively, AUM being $3.4 billion.
The total inflow amount of digital assets for the past week sat at approximately $100 million. Total MTD and YTD were $43.1 million and $529 million respectively. The sum of AUM on record for last week was $39.7 billion.
Source: https://coinfomania.com/institutional-bitcoin-inflows-hit-120m/#utm_source=rss&%23038;utm_medium=rss&%23038;utm_campaign=institutional-bitcoin-inflows-hit-120m