Over the previous week, institutional traders poured about $89 million into Bitcoin (BTC) funds, despite a market-wide sell-off in major crypto assets. However, the money men were unsuccessful in banning Ethereum (ETH) investment products, which resulted in $15.2 million in withdrawals.
Despite the fact that Bitcoin network activity was down 30% from its ATH levels three months ago, digital gold appears to be the asset of choice for skilled investors lately.
BTC funds have now received a total of $178.3 million this month, according to CoinShares’ Feb. 22 “Digital Asset Fund Flows Weekly” report, following the latest $89 million flood between Feb. 14 and Feb. 18.
In comparison, Ether investment products have seen total withdrawals of $2.6 million so far in February, with only one week of inflows in the last 11 weeks.
BTC’s price has plummeted 14.6 percent in the last seven days to over $38,000. So, Ether’s price has dropped 16.2 percent to $2,668 at the time of writing. Cardano (ADA), Solana (SOL), and Ripple (XRP) are among the top assets that have lost double digits.
Despite “price weakness and the expected negative impact of the coming crisis in Eastern Europe,”
digital asset investment products in general had inflows of $109 last week, according to CoinShares.
Aside from Bitcoin’s domination, institutional investors bought $25 million worth of Avalanche-related financial products. So, while multi-asset and Solana funds received $9.4 million and $1.2 million, respectively.
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