Bitcoin investors all over the globe aren’t worried about China’s latest crypto ban. Institutional investors have actually increased the amount of the largest crypto asset in the world.
The latest digital asset weekly fund flows report by CoinShares shows that Bitcoin investment products received $50 million in inflows last week. Inflows to Ethereum, the second-most valuable digital asset in the world, totaled $29 million over the same time period.
Other than Bitcoin and Ethereum, many other digital currencies like Solana (SOL), Cardano and Polkadot DOT attracted significant inflows last week. Inflows to digital asset investment products totaled $95 million during the week.
“Bitcoin saw one of the highest inflows of any investment product. It received US$50m. However, it has been the subject of the most negative investor sentiment for the past two quarters. Only the fourth week of inflows from the last 17 weeks was recorded. Last week, Ethereum was followed by Bitcoin, with inflows of US$29m. The report stated that sentiment has remained buoyant for Ethereum as Eth 2.0 proceeds.”
The total value of Bitcoin-related investments products has significantly increased since the beginning of 2021. Grayscale is the largest cryptocurrency asset manager in the world, with more than $28 million worth of BTC assets under its management.
Bitcoin vs Altcoins
Bitcoin remains the most popular cryptocurrency for institutional investment. Other digital assets such as Ethereum, Solana and Cardano have seen a substantial increase in market share over the past 8 months. CoinShares said that Solana and Polkadot continue seeing large inflows of US$3.9m to their assets under management (AuM), which represent 4.5% and 3.2% respectively.
In the past 24 hours, the overall market cap for cryptocurrency has experienced a sharp decline. Bitcoin fell below $43,000, while Ethereum dropped to $2,910. During the same period, Cardano and Binance Coin, XRP, and Solana all dropped.