The institutional investment tide has turned for Bitcoin, which saw US$59 million in inflows last week, according to CoinShares, Europe’s largest digital assets fund manager. It was Bitcoin’s first inflows in eight weeks — signaling improving investor sentiment toward the world’s most popular cryptocurrency.
Fast facts
- Digital asset investment products saw inflows of US$98 million last week — the third consecutive week of inflows, CoinShares said. Total digital assets under management (AUM) across all digital asset fund providers last week increased to US$62.5 billion, from US$56.9 billion the week before. The market share of altcoins, including Ethereum, now represent 35% of the total AUM, returning to Ethereum’s peak of 35% in mid-May.
- Bitcoin led with US$58.9 million in inflows, followed by Ethereum and Solana, with inflows of US$14.4 million and US$13.2 million respectively.
- Solana continues to see strong momentum in terms of institutional inflows — Solana’s total assets under management increased to US$44 million last week, more than double the US$15 million the week before. Solana, currently the seventh largest cryptocurrency by market value according to CoinGecko data, started this year at US$1.52 and has since surged by over 11,000%. Solana is trading at US$173 as of publishing time.
- The dominance of Ethereum — the second largest cryptocurrency by market value — continues to rise, with its market share hitting a record 28%, according to CoinShares. Other altcoins Cardano, Polkadot and XRP saw inflows of US$6.5 million, US$2.7 million and US$1.2 million respectively.
