Institutional Players Poured $98 Million Into Bitcoin Products Last Week

Olivia Brooke
March 29, 2022
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
bitcoin

Bitcoin institutional funds balance has seen a massive trend reversal. In the last week, Bitcoin was the focus of institutional investors who poured in $98 million to the market according to CoinShares. 

Advertisement
Advertisement

Bitcoin leads record weekly crypto funds inflows

In its Digital Asset Fund Flows Weekly Report, the digital assets management firm states that the crypto market has recorded its largest week of inflows since December last year. Total inflows for the week reached $193 million.

Bitcoin’s run-up during the week brings funds inflows to the benchmark cryptocurrency to $162 million year-to-date.

Similarly, other assets and funds also saw sentiments turn bullish. Solana registered its largest single week of inflows since its launch totaling $87 million, CoinShares revealed.

This represents 36% of Solana’s assets under management (AuM) in institutional funds. With the surge, Solana is now the fifth “largest investment product and the largest single altcoin other than Ethereum” the report stated.

There were also inflows to other crypto assets including Cardano, Polkadot, and ATOM, as well as investment vehicles including multi-assets products and blockchain equities.

The crypto market’s price recovery has also helped boost investor sentiment. Total assets under management saw an increase in value, and trading volume also received a leg up.

Following last week’s price recovery, total assets under management (AuM) now sit at US$57bn… Trading volumes recovered to US$2.5bn for the whole of last week,” CoinShares said.

This is coming after two previous weeks of outflows from the market that were attributed to geopolitical concerns in Europe and the Americas as well.

Advertisement
Advertisement

Crypto market bullish developments driving prices higher

The record institutional funds inflows have a strong chance of continuing to run higher going by market indicators. This week, the market has been noted to have picked up momentum on the back of several bullish events both off-chain and on-chain.

Highlighting a few, CNBC remarked that Goldman Sachs’s announcement last week of becoming the first bank to offer over the counter (OTC) Bitcoin options trading, and Ray Dalio’s Bridgewater’s announcement of investment in crypto funds made a positive impression on investor sentiments.

Spurred on by the change in sentiments, Bitcoin surged to an intraday high of around $48,200. At the time of writing, Bitcoin is changing hands at around 47,500, up 0.98% in the last 24 hours. The pioneer crypto is now posting positive returns in the year-to-date time frame as well.

Advertisement
coingape google news coingape google news
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Olivia’s interests spans across the Cryptocurrency and NFT and DeFi industry. She remains as fascinated by cryptocurrencies today, as she was back in 2017, when she first started reading up about them.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.