Bitcoin investors around the world are not worried about the latest crypto ban from China. In fact, institutional investors have increased the accumulation of the world’s largest crypto asset.
According to the recent digital asset weekly fund flows report published by CoinShares, Bitcoin investment products attracted $50 million worth of inflows last week. Ethereum, the world’s second most valuable digital asset, saw inflows worth $29 million during the same period.
Apart from Bitcoin and Ethereum, several other digital currencies, including Solana (SOL), Cardano (ADA) and Polkadot (DOT) attracted substantial inflows last week. Overall, digital asset investment products saw inflows worth $95 million in the recent week.
“Bitcoin saw the largest inflows of any investment product, totaling US$50m, although, it has experienced the brunt of negative investor sentiment over the last two quarters. Last week marks only the 4th week of inflows out of the last 17. Ethereum followed Bitcoin with inflows totaling US$29m last week. Sentiment has remained relatively buoyant for Ethereum as the amount staked to Eth 2.0 progresses,” the report mentioned.
Since the start of 2021, the total value of Bitcoin-related investment products has increased significantly. Grayscale, the world’s largest cryptocurrency asset manager, now has more than $28 billion worth of BTC assets under management.
Bitcoin vs Altcoins
In terms of institutional investment, Bitcoin is still the preferred cryptocurrency of global investors. However, other digital assets including Ethereum, Solana, Cardano and XRP have seen a significant jump in the overall market share during the last 8 months. “From an asset under management (AuM) perspective, both Solana and Polkadot continue to see outsized inflows totaling US$3.9m and US$2.4m, representing 4.5% and 3.2% of AuM respectively,” CoinShares added.
The overall market cap of Cryptocurrencies has seen a sharp drop in the last 24 hours. Bitcoin dropped below $43,000 while Ethereum touched a low of $2,910. Cardano, Binance Coin, XRP and Solana also dipped during the mentioned period.
