Institutional investors are returning to digital gold with Bitcoin (BTC) investment products for the third week in a row.
According to CoinShares’ latest weekly report on digital funds, BTC investment products generated $ 68.7 million from September 27 to October 1, a 36% increase during the week.
Although Bitcoin tracking products currently dominate digital access to product funds for two weeks, the new bullish turn comes from a record series of turns that lasted eight straight weeks until early September.
The inflow of digital investment products was $ 90 million in one week, representing a seventh week of inflows as institutional investors continue to increase their exposure to digital assets.
Institutional investors have also acquired a significant number of Ethereum (ETH) investment products with a total inflow of $ 20.2 million. BTC and ETH products rose 7.4% and 3.2% respectively during the week.
There was also a mixed appetite for altcoins last week. The tracking products Cardano (ADA) and Solana (SOL) were hit by inflows of $ 1.1 million and $ 700,000, respectively, while the Polkadot Fund (DOT) and Binance Coin (BNB) each lost $ 800,000. Several with more assets also received a minimum inflow of $ 1.9 million.
Institutional demand for Solana appears to have peaked as the inflow of SOL tracking products has fallen 98% since reaching a high of $ 38.9 million in five weeks.
While markets are recovering from a sharp decline in July, CoinShares highlighted that last week’s trading volume of $ 2.4 billion remains low compared to the $ 8.4 billion of institutional cryptocurrency products traded weekly during the peak of 2021 cycle in mid-May.
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CoinShares estimates that institutional asset managers currently account for a total of $ 57.1 billion in total assets (AUM), an increase of 8.5% each week.
Grayscale continues to dominate the sector and accounts for $ 41.1 billion, or 71% of the sector’s total AUM. CoinShares XBT and Purpose came in second and third place with assets of $ 2.2 billion and $ 2.1 billion, respectively.