The market is still in trouble – Bitcoin is still struggling at $ 30,000. Before confidence in the market waned. Now, however, the attitude of the institutions towards Bitcoin seems to be changing. Then: For the first time in recent weeks, there has been a significant influx into the digital asset.
$ 45 million flows into Bitcoin
After several weeks with drains Bitcoin is now seeing inflows again. Last week was good for the cryptocurrency pioneer, as it saw $ 45 million in inflows.
This is a whole topic from the point of view of institutional investors. They had previously withdrawn money from the digital asset – maybe put it in their altcoin portfolios.
Of course, these institutional investors pulled out when indicators began to target the bear market. Now they are back to get their share of the pie as trading Bitcoin at low prices. This is a sign to bring back a positive attitude among this group of investors.
Short bitcoin also followed this trend, riding the wave to the second largest weekly inflow in history. In the past week, a total of $ 4 million has come in short bitcoin, representing total assets under management (AuM) to a new high of $ 45 million.
Such huge inflows have been seen in other investment products for digital assets. This time, a total of $ 40 million flows into digital investment products. This is a surprise event.
Only Solana records inflows
Altcoins were not left out either, although there have been more outflows in the past week. For example, Solana (SOL) was the only altcoin that saw significant inflow: $ 1.9 million flowed into the digital asset.
For other altcoins, outflows continue as negative sentiment continues to hit crypto markets. To date, for example, 0.8% of the total Ethereum AuM has gone digital asset. Year to date outflows have now reached $ 207 million.
Inflows and outflows remained inconsistent across market segments. CoinShares Reports Reveal $ 66M Registered Investment Products in North American Markets. Across the pond in Europe, outflows of digital asset investment products were at the forefront of the region, worth $ 26 million.
However, the new trend creates inflows into Bitcoin and Solana: Institutional investors are taking advantage of the perceived price weakness in the market. This price weakness continues as bitcoin continues to struggle to reach support levels above the $ 31,000 price range.
Text credit: Newsbtc
Last updated on May 11, 2022
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