Despite the major correction faced by the entire crypto industry in recent days, institutional investors have maintained their bullish sentiment towards space.
According to available data from CoinShares, product funds dedicated to the two largest crypto assets by market capitalization, Bitcoin and Ethereum, continue to grow, with interest in Solana also growing rapidly.
Institutional investors still buy cryptocurrency
According to report, the industry saw entries of more than $150 million in the last week, with Bitcoin alone seeing an entry of around $114.4 million, followed by Ethereum, with $12.6 million in entry, while other products multi-assets registered $14.1 million.
However, in a year-to-date record, Bitcoin raised more than $6.6 billion from institutional investors, while Ethereum saw $1.17 billion in investments. Overall, institutional investors have funneled more than $9 billion into the sector this year.
As measured by total entries, last month Solana recorded a total of $43 million.
In addition, GrayScale, the world’s largest crypto asset manager, also reached a new milestone. The company has seen the value of assets under its management reach nearly $52 billion. Its main investment and most popular product remains the GrayScale Bitcoin Trust Fund (GBTC), which it is planning convert to an ETF.
ETFs play a role in Bitcoin’s institutional investment domain
You may recall that the Securities and Exchange Commission (SEC) last month approved a series of Bitcoin futures ETFs.
The approval of these ETFs led to the resurgence of the main digital asset, as it received around $2 billion from institutional investors. Not only that, but ETFs also helped push the currency’s value to a new ATH of more than $68,000.
Although the currency’s value has cooled, CoinShares data suggested that the newly launched Bitcoin ETFs led to its “90% of inflow investment product.”
This means that despite the rapid fall in the currency’s value, institutional investors remain largely undisturbed and have maintained their confidence in the asset as a viable and viable investment vehicle. inflation protection.
Source: Crypto Slate