{"id":158948,"date":"2022-06-06T19:04:54","date_gmt":"2022-06-06T19:04:54","guid":{"rendered":"https:\/\/precoinnews.com\/?p=158948"},"modified":"2022-06-06T19:04:54","modified_gmt":"2022-06-06T19:04:54","slug":"amid-crypto-bear-market-institutional-investors-scoop-up-bitcoin-coinshares","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/amid-crypto-bear-market-institutional-investors-scoop-up-bitcoin-coinshares\/","title":{"rendered":"Amid crypto bear market, institutional investors scoop up Bitcoin: CoinShares"},"content":{"rendered":"
Digital asset investment products registered positive inflows last week, though the gains were mainly concentrated in Bitcoin (BTC) funds, signaling a more cautious approach to crypto allocation on the part of institutional investors.\u00a0<\/p>\n
Bitcoin investment products saw cumulative inflows totaling $126 million in the week ending Saturd, according to the latest fund flows report from CoinShares. Year-to-date, Bitcoin investment funds have quietly added $506 million in net inflows. <\/p>\n
Investors appear to be allocating to Bitcoin at the expense of Ether (ETH) and other altcoins. Ether funds saw $32 million in outflows, marking the ninth consecutive week of declines. Outflows from Ether investment products have totaled $357.4 million this year. <\/p>\n
Meanwhile, investments in multi-asset crypto funds rose by $4.3 million last week, bringing the year-to-date total to $201.3 million. <\/p>\n
Grayscale remains the single largest digital asset manager with over $27 billion under management. Roughly 99% of Grayscale’s total assets are devoted to the Grayscale Bitcoin Trust, also known as GBTC.<\/p>\n
Related: <\/em><\/strong>BTC price approaches $32K as analyst warns of ‘boring’ summer for Bitcoin<\/em><\/strong><\/p>\n Unable to escape the gravitational pull of the traditional financial markets, crypto assets have been in a protracted downtrend for much of 2022. BTC price endured nine consecutive weekly declines \u2014 the longest in history \u2014 as investor sentiment entered a prolonged period of \u201cextreme fear\u201d on the Bitcoin Fear & Greed Index.<\/p>\n <\/p>\n Bitcoin narrowly avoided its tenth down week in a row by closing at $29,900 on Sunday \u2014 a mere $450 higher than the previous week. <\/p>\n Nevertheless, there are some positive signs that institutional investors are buying the dip. In addition to the CoinShares report, a Canadian spot Bitcoin exchange-traded fund operated by Purpose Investments scooped up thousands of BTC last month. By May 13, the Purpose Bitcoin ETF had registered its highest-ever Bitcoin holdings at 41,600 BTC<\/p>\n