Institutional Money Is Flowing Into Bitcoin (BTC) And Algorand (ALGO)
According to CoinShares data, institutional investors are taking opportunity of the discounted prices to buy Bitcoin (BTC) and Algorand (ALGO).
CoinShares published its latest Digital Asset Fund Flows Weekly report, which reveals that digital asset investment products had almost $90 million inflow last week. Majority of that was directed towards the leading crypto asset, Bitcoin.
“Digital asset investment products saw inflows totaling $87 million last week, pushing year-to-date inflows just past the half a billion mark to $0.52 billion.
However, Bitcoin’s assets under management (AUM) are also at their lowest point since July of last year, the report shows.
North American and European regions, for the first time in over one month, the saw digital asset institutional investment product inflows, at $72 million and $15.5 million, respectively.
Ethereum products lost $11.6 million last week, continuing their recent outflow trend.
“Ethereum resumed its grind lower with outflows totaling $11.6 million last week, bringing net outflows year-to-date to $250 million, a stark contrast to most other altcoins.”
Ethereum rival Algorand (ALGO) had a massive week. The decentralized finance (DeFi) blockchain had a record week of institutional investment inflows at $20 million, CoinShares report shows.
Tron (TRX), Polkadot (DOT), Cardano (ADA), Solana (SOL) and XRP, saw weekly inflows of $1.8 million, $0.4 million, $0.3 million, $0.1 million, and $0.1 million, respectively.
