Institutional interest in Bitcoin remains despite the continued price struggles across the market.
While institutional investors are not putting as much money into digital asset investment products as was during the bull market, funds have seen consecutive minor inflows for seven weeks, with most of it in Bitcoin.
According to digital asset manager CoinShares, a total of $6.1 million flowed into crypto-related funds last week. Among specific funds, Bitcoin recorded inflows of $14 million, and accounted for the most trading volume.
As per CoinShares’ Digital Asset Fund Flows Weekly Report, last week’s flows into Bitcoin came with 70% of weekly trading volumes across all investment products. The week’s volume showed a 100% jump from the week ending 21 November.
Short Bitcoin sees second week of outflows
As well as inflows into long Bitcoin funds, investor sentiment this past week was registered via a second consecutive week of outflows.
The short-bitcoin investment product had outflows of $2.4 million this past week – down from $7.1 million the previous week.
However, with the outflows in October already at $15 million and representing 10% of the total assets under management (AUM), last week’s total brings outflows since mid-September to $20 million. That’s 15% of the total AUM of digital assets investment products.
As CoinJournal reported earlier today, Kevin Dede, CFA, a senior technology analyst at HC Wainwright, says Bitcoin is ‘alive’ and that headlines about miner capitulation and the death of the world’s largest cryptocurrency are “greatly exaggerated.”
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