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The crypto market is in chaos as the price of the leading cryptocurrency has reached a new low of $30,000s. This is followed by decreasing faith in the market, leading to inflows/ more outflows during the past few weeks. Institutional sentiment regarding the digital asset has now changed, and as a consequence of it, the institutional sentiment towards the digital asset for the first time in a few weeks.
Bitcoin Witness A Flow Of $45 Million
Following several weeks of outflows, Bitcoin finally witnessed inflows. It saw an inflow as high as $45 million last week. The institutional investor side experienced a complete turnaround as they had been taking out money from the digital asset to set it towards their altcoin portfolios.
These institutional investors would naturally be pulling out when indicators were indicating a bear market but now are back to collect their share of the pie as the flagship cryptocurrency is trading at low prices. It shows that the positive sentiment is back among these investors.
The flagship currency followed the same trend and has navigated into its second-largest weekly inflows on record. Around $4 million of the total flow into Short Bitcoin was witnessed in the past week; as a result, its total asset under management (AuM) has reached a new high of $45 million.
Other cryptocurrencies are also not excluded from the inflow heat. In a surprising turn of events, there was around $40 million going into digital asset investment products.
Despite the fact that outflows were more prominent, Altcoins were not left out of this. Solana probably is expected to break out in this context as notable inflows with $1.9 million are rushing into the digital asset.
In regards to other altcoins, with the negative sentiment, the outflows also continue to hit the digital asset. It witnessed $12.5 million go out of the cryptocurrency in one week. 0.8% of the total Ethereum AuM has left the digital asset as its year-to-date outflows have now reached $207 million so far.
The new trend of inflows happening into assets such as Bitcoin and Solana shows that institutional investments had broken through in order to take advantage of the price weakness shown in the market.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
