Institutional inflows into altcoin investment products continued to rise over the past week as well. However, this does not work for Bitcoin (BTC).
The institutional asset manager CoinShares has in its weekly Digital Asset Flow Report on Monday observed inflows of $ 24 million into altcoin investment products. This is the second week in a row that there have been inflows into altcoin funds. That said altcoin products are up 14.3 percent from $ 21 million last week.
Ether (ETH) was the darling of institutional investors with ETH products seeing weekly inflows of $ 17.2 million. The report said products that track ethers and other altcoins would now represent 32 percent of the total assets under management in the sector. That is only 3 percent less compared to the record of 35 percent in mid-May.
Institutional funds for Cardano saw a record weekly inflow of $ 10.1 million. Cardano accounts for hikers cents of the inflows of all altcoins this week. Cardano instruments now contain 0.15 percent of the total capital held by crypto investment products.
The increase in inflows at Cardano (ADA) is due to the Alonzo upgrade of the network, which is scheduled for September 12th. Smart contracts will be introduced into the project for the first time.
Polkadot and Solana funds have also seen inflows of $ 1.5 million and $ 2.7 million, respectively. Solana (SOL) had overtaken Bitcoin Cash (BCH) in terms of assets under management. Solana funds come in ninth place with 16 million US dollars and BCH funds in tenth place.
Despite the bullish sentiment surrounding altcoins, the report states that Bitcoin products continue to experience outflows. During the same period, Bitcoin products lost $ 3.8 million. In 14 out of the last 16 weeks, Bitcoin products have seen outflows.
CoinShares estimates that institutional asset managers currently manage $ 56.8 billion in total assets. The slight decrease over the week is due to the continuous outflows from Bitcoin products.
In this context: Despite recovery: Bitcoin investment products continue to run out
CoinShare’s own Bitcoin fund has seen the heaviest losses with an outflow of $ 14.5 million over the past week. ETC Issuance saw the largest inflow at $ 14.1 million.