Digital asset investment products posted positive inflows last week, although gains were mainly concentrated in Bitcoin (BTC) funds, suggesting a more cautious approach. for cryptocurrency allocations by institutional investors.
Bitcoin investment products saw cumulative inflows totaling $126 million in the week ending last Saturday, according to Coinshares' latest Money Inflows report. To date, Bitcoin mutual funds have quietly added $506 million in net inflows.
Investors seem to be earmarking Bitcoin over Ethereum (ETH) and other altcoins. Ethereum funds saw $32 million in outflows, marking the ninth consecutive week of declines. Total outflows from investment products in Ethereum reached $357.4 million this year.
Meanwhile, investments in multi-asset crypto funds rose by $4.3 million last week, bringing the total to date to $201,3 million, As reported by Coin Telegraph.
Grayscale remains the largest digital asset manager with more than $27 billion under management. Approximately 99% of Gray Scale's total assets are allocated to the Gray Scale Bitcoin Trust, also known as GBTC.
Bitcoin price bore nine consecutive weekly declines - the longest in history - as investor sentiment entered a prolonged period of intense fear on the Bitcoin Fear & Greed Index.
Bitcoin narrowly avoided the 10th week in a row by closing at $29,900 on Sunday - just $450 higher than the previous week.
