CoinShares: More Institutional Money Flowing To Bitcoin, Solana & Cardano

According to CoinShares, digital asset manager, more and more institutional capital is flowing into Bitcoin (BTC), as crypto market remains in a bullish mood.

CoinShares wrote in their weekly report, that the total amount of their crypto assets under management is only 5% away from setting all-time highs due to recent positive price action.

“Digital asset investment products saw inflows totalling US$226m, bringing the 8 week run of inflows to US$638m. Total assets under management (AuM) are now only 5% short of the all-time high at US$67bn due to recent positive price action.”

According to CoinShares, the recent positive comments from SEC head Gary Gensler regarding the possibly supporting a Bitcoin futures exchange-traded fund (ETF) might have triggered money inflow.

“Bitcoin saw inflows totaling US$225m, comprising a significant majority of the total.

We believe the turnaround in sentiment towards Bitcoin is due to constructive statements from SEC Chair Gary Gensler, potentially allowing a Bitcoin ETF in the US.”

According to the asset manager, the money inflow to Ethereum (ETH) was proportionately smaller that Bitcoin and certain select altcoins.

“It was a mixed picture in other altcoins with recent favorites Solana [SOL] (US$12.5m) and Cardano [ADA] (US$3m) continuing to see inflows, suggesting the focus hasn’t entirely switched to Bitcoin.

Other altcoins, namely Polkadot [DOT,] XRP, and Litecoin [LTC] didn’t fare so well with outflows of US$2.1m, US$0.6m, and US$0.2m respectively.”