Despite the market decline in major crypto assets over the past week, institutional traders invested nearly $89 million in bitcoin funds (BTC). However, investors were reluctant to enter Ethereum (ETH) investment products, which saw outflows totaling $15.2 million.
Although Cointelegraph reported earlier this week that activity on the Bitcoin network was down 30% from its all-time highs three months ago, digital gold seems to be the asset of choice for sophisticated investors lately.
Compared, the offer of investment products in Ether has registered total outflows of 2.6 million dollars so far in Februaryand has only generated entries in one of the last 11 weeks.
In the last seven days, the price of bitcoin has fallen by 14.6% to stand at around $38,000while Ether price is down 16.2% up to $2,668 at the time of this writing. Other main assets such as Cardano (ADA), Solana (SOL), and Ripple (XRP) have also suffered double-digit losses.
CoinShares noted that despite “price weakness and the perceived negative impact of the impending conflict in Eastern Europe”, digital asset investment products overall saw inflows totaling $109 million last week.
Aside from bitcoin dominance, institutional traders also snapped up $25 million worth of investment products tied to Ethereum competitor Avalanchewhile multi-asset funds and Solana also saw notable inflows of $9.4m and $1.2m each.
“Following the spate of departures in January, the latest data marks the fifth week of inflows. Although inflows occurred in both Europe and the Americas, they were predominantly in the latter, with inflows totaling $101 million.”
For institutional asset managers and fund providers, the fund CoinShares XBT lost $21.6 million, while Purpose and ProShares posted inflows of $63.2 million and $26.6 million respectively..
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