Weekly Bitcoin inflows totaled $ 126 million as institutions continue to “buy dip”

More than half a billion dollars have been invested in exchange-traded Bitcoin funds since the beginning of the year, with $ 126 million of what flowed into ETPs last week, according to Coinshares.

But more generally, investment products for digital assets had a net income of a total of $ 100 million last week. This is because the $ 4.3 million Bitcoin and multi-asset product revenue was offset by investors withdrawing money from Ethereum-based funds.

“Ethereum continues to suffer, with another week of outflows totaling $ 32 million,” wrote James Butterfill, Coinshares Research Director. “Ethereum has endured 9 weeks in a row of outflows, indicating persistent negative investor sentiment.”

This shows that there is a stark contrast in sentiment among investors when it comes to the two most popular cryptocurrencies.

On Monday, Bitcoin and Ethereum rose slightly from Sunday. BTC was traded at $ 31,314.94, up 5%, with a market value of $ 597 billion, according to CoinMarketCap. Meanwhile, ETH was up 2% to $ 1,862.94, with a market value of $ 225 billion.

With the latest release, Ethereum-based funds have now lost $ 357 million since the beginning of the year.

Although blockchain mutual funds as a category saw a total of $ 26.3 million last week, Fidelity’s new crypto ETFs (launched in April) stopped the trend.

Fidelity Cryptofundets portfolio contains shares of listed companies active in the crypto industry, such as Block Inc. (BLOCK), Coinbase (COIN) and Marathon Digital (MARA). The Metaverse Fund holds shares in companies such as recently rebranded Meta Platforms (formerly Facebook) and Adobe (ADBE).

Many crypto companies have implemented layoffs, layoffs or canceled job offers in an attempt to hoop for Crypto Winter. Despite that, and the means receives criticism from Sens. Elizabeth Warren of Massachusetts and Tina Smith of Minnesota, Fidelity now manages a total of $ 22 million over two crypto funds.

The Fidelity Crypto Industry and Digital Payments ETF added $ 2.4 million, and the Fidelity Metaverse ETF added $ 1.1 million. Each of the funds has a total of $ 11 million in assets under management, according to Coinshares.

The biggest outflow last week came from Invesco Coinshare’s Global Blockchain UCITS ETF, which saw investors pull in $ 21.6 million — 82% of the $ 26.3 million net outflow that Monday’s report noted for blockchain mutual funds.

Do you want to become a crypto expert? Get the best from Decrypt right to your inbox.

Get the biggest crypto news + weekly summaries and more!

You may also like...

Leave a Reply

Your email address will not be published. Required fields are marked *