Digital assets manager CoinShares says institutional investors are eyeing up altcoins as crypto markets suffer outflows for the ninth week in a row.
In its latest Digital Asset Fund Flows Weekly Report, CoinShares finds that institutional investors sold off $5.1 million in crypto holdings last week, significantly less than in the previous eight weeks.
“Digital asset investment products saw minor outflows totaling US$5.1m. The end of the week saw minor inflows following the news that one of the world’s largest asset managers has applied for a Bitcoin ETP (exchange-traded product) in the US, although these inflows were not enough to offset outflows seen earlier in the week. Consequently, a 9th week of outflows was recorded, with this run of outflows now totaling US$423m.”
Institutional investors sold off Bitcoin (BTC), Ethereum (ETH), multi-asset investment vehicles, and Tron (TRX) to the tune of $0.5 million, $5 million, $1.2 million, and $0.4 million, respectively.
However, according to CoinShares, recent crashes in altcoins prompted institutions to invest in XRP, Cardano (ADA), and Polygon (MATIC).
“The prior week’s crash in altcoin prices prompted investors to add to positions, with inflows totaling US$2.4m, with XRP, Cardano and Polygon being the focus, seeing inflows of US$1m, US$0.6m and US$0.2m respectively.”
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