Despite “price weakness and expected negative impact from the imminent crisis in Eastern Europe,” digital asset investment products received $109 in inflows last week, according to CoinShares.
Over the previous week, institutional traders poured about $89 million into Bitcoin (BTC) funds, despite a market-wide sell-off in major crypto assets. However, the money men were unsuccessful in banning Ethereum (ETH) investment products, which resulted in $15.2 million in withdrawals.
Despite the fact that earlier this week that Bitcoin network activity was down 30% from its ATH levels three months ago, digital gold appears to be the asset of choice for skilled investors lately.
BTC funds have now received a total of $178.3 million this month, according to CoinShares’ Feb. 22 “Digital Asset Fund Flows Weekly” report, following the latest $89 million flood between Feb. 14 and Feb. 18.
In comparison, Ether investment products have seen total withdrawals of $2.6 million so far in February, with only one week of inflows in the last 11 weeks.
BTC’s price has plummeted 14.6 percent in the last seven days to over $38,000, while Ether’s price has dropped 16.2 percent to $2,668 at the time of writing. Cardano (ADA), Solana (SOL), and Ripple (XRP) are among the top assets that have lost double digits.
Despite “price weakness and the expected negative impact of the coming crisis in Eastern Europe,” digital asset investment products in general had inflows of $109 last week, according to CoinShares.
Aside from Bitcoin’s domination, institutional investors bought $25 million worth of Avalanche-related financial products, while multi-asset and Solana funds received $9.4 million and $1.2 million, respectively.
“After a month of outflows, the new report marked the fifth week of inflows. While inflows were detected in both Europe and the Americas, the latter received the lion’s share of the money, with inflows reaching US$101 million.”
CoinShares XBT fund lost $21.6 million, whereas Purpose and ProShares experienced inflows of $63.2 million and $26.6 million, respectively, from institutional asset managers and fund providers.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.
