Bitcoin Leads Market As Inflows See An Uptick From Previous Week | Bitcoinist.com
Bitcoin inflows have dominated the market again after another week of institutional investments flowing into the asset. This has been a recurring theme for the past couple of weeks as reported by CoinShares. This week has proved to be no different as the digital asset once again made up for the majority of the volume coming into the market.
The launch of the VanEck Bitcoin Futures ETF had a role to play in this as the majority of the bitcoin volume came from ETF investments. This accounted for 90%, leaving 10% to the other products associated with the asset.
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Total inflows for bitcoin for last week was $114 million despite the 12% dip that the digital asset had suffered. This is up from the $98 million in inflows recorded the previous week but not by a large margin. Nevertheless, total assets under management have continued to soar, making up 67% of all total crypto assets under management in the space.
In total, the market saw a total of $154 million in inflows last week. While Bitcoin retained most of this value for itself, altcoins were not left out as some saw inflows, while others had recorded minor outflows for the week.
BTC trading at $56K | Source: BTCUSD on TradingView.com
Altcoins Record Inflow Despite Bitcoin Lead
Ethereum saw inflows totaling $14 million last week. This marked the fourth consecutive week of inflows for the digital asset that had suffered weeks of outflows until the end of October. It marks a significant milestone for Ethereum as institutional investors are evidently moving back into the asset, albeit slowly. This figure put it ahead of the rest of the altcoins which had not fared as well in the market.
Solana is another project that is currently being favored by investors when it comes to altcoins. The smart contracts platform saw inflows for the past week that brought its monthly total to $43 million, putting it ahead of competitor Cardano sitting at $23 million.
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Cardano had not fared too well for the week. It would mark the first week of outflows after months of inflows into the market. The digital asset which had led altcoin inflows for the previous week looks to have fallen out of favor with institutional investors. Cardano saw its first week of outflows with $2.1 million leaving the asset.
All attention is focused on bitcoin with the recently launched ETFs, leaving little room for altcoins in the market. Multi-asset funds have not fared too well either. However, this also recorded inflows for the week totaling $14.1 million.
Featured image from Bitcoin News, chart from TradingView.com
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