After reviewing the past week, Coinshares has revealed that institutional managers have started amassing digital assets after the market’s performance was impressive again for the fourth week.
Institutional managers have been selling since February 2018 but it now looks like the story is changing. Last week, more buys than sales were noticed among them so one may be hopeful that the market is improving.
Investments in digital assets backed up by BTC, ETH, and some other cryptocurrencies reached about $63 million for last week. According to Coinshares, it hasn’t been recorded in the past eight weeks that every digital assets was a target for investors.
Bitcoin denominated funds saw the highest buyers to the tune of $38.9 million making the total investment so far in the year 2021 to reach $4.186 billion. Coinshares’ update for last week showed a little growth in Bitcoin’s investment.
As for Ether’s performance last week, $17.7 million was invested so the total investment in ETH for the year now stands at $960 million. Polkadot and Ripple also improved having received funds to the tune of $2.1 million and $1.2 million respectively.
Although other funds still saw buyers, investments in Bitcoin were higher compared to the past weeks. This shows that investors are gradually resuming their activities with the coin.
Grayscale also witnessed net inflows last week as investors’ activities rallied its total assets up to $29.8 billion. Although the market is doing well, some people are worried that this may change in few weeks from now when Grayscale GBTC relaxes its lock-up approach on already bought shares, which will give investors the opportunity to sell what they have acquired.
Bitcoin’s ups and downs have had much of its contributions from those who patronize institutional managers. It is believed that institutional managers can still adopt more investors if the system is well promoted.
Top of Form
Bottom of Form
The article posted herein is published by members of this site. Any information you find on this article is base on the opinion and view of the publisher. You are at liberty to accept or reject this article and act base on your own perspective of the platform. You are encouraged to share your own opinion or views about the platform with us via the comments box below so as to further improve this article.
Team Reviewparking is no third party and we can't handle any queries whatsoever.