For the eight weeks leading up to the beginning of September, there was a permanent record of exits in Bitcoin (BTC) investment products. Altcoins like Solana (SOL) have dominated weekly entries. However, Bitcoin regained its position and saw a third consecutive week of entry.
Between September 27 and October 1, BTC investment products saw $68.7 million worth of inflows. According to the latest report from CoinShares, Ethereum-backed assets registered $20.2 million inflows, compared to $28.9 million in the previous week.
The report noted that there has been greater confidence in Bitcoin among investors, thanks to more recent “conciliatory statements” by the U.S. Securities Exchange Commission and the Federal Reserve. Fed Chairman Jerome Powell said he has no intention of banning crypto in late September following China’s crackdown on digital assets.
In total, digital asset investment products generated $90 million in inflows last week. Besides, last week, investors expressed a clear preference for Bitcoin over other tokens.
XRP, Litecoin, and Bitcoin Cash did not see any inflows or outflows last week, while Dot and Binance Coin each saw $800,000 outs. Assets backed by Solana’s SOL saw $700,000 in inflows, but that was far from the record $50 million inflow in mid-September, while Cardano’s ADA recorded $1.1 million.
Crypto markets seem to be recovering from the severe recession in July. Last week, the volume of institutional crypto products traded reached $2.4 billion. However, CoinShares emphasizes that this value is still low compared to the $8.4 billion traded weekly during the peak of the bull cycle in mid-May 2021.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.