Only institutional investors are interested in bitcoin at the moment as it continues to lead the markets in recovery. Large crypto funds had another week of big inflows, all dominated by BTC.
On July 3, institutional crypto fund manager CoinShares released its weekly fund flow report. It’s been another bullish week for professional investors loading up Bitcoin-related funds and products.
Bitcoin accounts for 98% of institutional money flows
Crypto-asset investment products saw a second week of inflows totaling $124.7 million, CoinShares reported.
This brings the total for the past two weeks to $334 million, reversing the trend of outflows for nine weeks in a row.
Once again, Bitcoin dominated cryptocurrency flows with a value of $123 million. Moreover, BTC accounted for 98% of all digital asset flows over the past two weeks.
She noted that for the 10th straight week, investment products shorting Bitcoin continued to see outflows.
CoinShares also commented on the impact of the recent market momentum on assets under management.
“The recent price rally sent AuM up to $37 billion for the week, the highest point since early June 2022 and matching the average AuM for 2022.”
Moreover, trading activity remained high at $2.3 billion for the week. That’s above the year-to-date average of $1.5 billion per week.
There was little love for the Ethereum-based products, which only saw inflows of about $2.7 million for the week. Multi-asset funds saw outflows of $1.8 million, and altcoin-based funds were mostly flat.
Geographically, Germany was responsible for the largest share of inflows, amounting to $64.8 million. Canadian investors were also bullish on inflows of $34.7 million, but Americans remained cautious of the asset class with only $22.7 million or 18% of the total.
The continued crackdown of the US financial regulators on the cryptocurrency industry is creating capital flight and more upside abroad.
Crypto Market Outlook
Bitcoin spot prices are also doing well, with the asset hitting a new 2023 high of $31,384 at the start of trading on July 4.
The asset gained 1.6% on the day and was trading around $31,253 at the time of writing. However, this level is proving to be severe resistance, as it has been tapped and rejected four times over the past two weeks.
There has been very little movement in the rest of the cryptocurrency market over the past 24 hours. Ethereum is still holding at $1,956 but has gained close to 5% over the past week.
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