Institutions Are Buying BTC, ETH, SOL, DOT And ADA – BTC ETF Cools Down
According to digital asset management firm CoinShares there is a shift in the way institutions are investing in Bitcoin and the altcoin markets.
CoinShares’ latest report reveals that a wave of money inflows which were triggered by the launch of the first Bitcoin (BTC) futures exchange-traded fund (ETF) in the US has evened out.
According to the digital asset manager, approximately $268 million of new inflows went to Bitcoin, compared to $1.45 billion the week before.
However, simultaneously, there was an increase in money inflows to smart contract platforms Ethereum (ETH) and Solana (SOL), according to CoinShares.
After three consecutive weeks of money outflows, Ethereum broke the pattern with $16.6 million in inflows.
Solana attracted over $14.7 million in money inflows compared to last week’s $8 million.
Polkadot (DOT) recorded $6.2 million in money inflows compared to $400,000 the week before, which could be driven by much anticipated parachain slot auctions, which are expected to launch 11 November.
Cardano (ADA) remained steady money inflows at $5 million compared to a previous total of $5.3 million.
Source: Bloomberg, CoinShares, data available as of October 29, 2021
CoinShares explained that as institutions target specific altcoins, they are simultaneously pulling money away from multi-asset investment products:
“Multi-asset investment products saw outflows totaling a record US$23m, in what is now a 3-week run of outflows. We believe investors are currently preferring single-line exposure and are becoming more discerning over their altcoin exposure.”
