Institutional Bitcoin products tag record AUM despite volume pulling back
Institutional traders have locked $56 billion into Bitcoin investment products after inflows totaled $97.5 million last week.
Auto Added by WPeMatico
Institutional traders have locked $56 billion into Bitcoin investment products after inflows totaled $97.5 million last week.
October was a record-breaking month for BTC funds, thanks to the approval of two futures-linked ETFs in the United States.
Institutional investors piled $225 million into Bitcoin products while Ether products saw outflows of $13.6 million this past week.
Institutional crypto appetites have shifted away from altcoin back to Bitcoin, with BTC investment products leading the inflows for digital asset products for the second week in a row.
While institutional Bitcoin products have experienced outflows for 13 of the past 17 weeks, the sector has now seen three straight weeks of inflows.
Despite the recent selloff in the crypto markets, institutional managers have been quietly turning bullish over the past month.
Institutions were betting big on Solana investment products last week, with SOL-tracking products attracting 86.6% of institutional inflows to digital asset products last week.
Inflows to Solana-based investment products saw a whopping 388% increase last week, with institutional investors gaining exposure to $13.2 million worth of SOL products.
Ethereum and Cardano continue to dominate inflows to institutional crypto investment products while demand for BTC weakens.
Solana represented one-third of total inflows to institutional crypto investment products this past week.