On the heels of China’s latest FUD, institutional investors are grabbing the slump, with cryptocurrency investment vehicles garnering $95 million in inflows last week.
A rise in dip buying helped fuel a sixth consecutive week of inflows for institutional crypto investment options overall, according to CoinShares’ Monday “Digital Asset Fund Flows Weekly” report.
The $95 million inflows from Sept. 20 and Friday represent a 126 percent increase in weekly inflows. With $50.2 million and $28.9 million inflows, respectively, Bitcoin and Ether investment products topped the pack.
While Bitcoin securities have suffered outflows in 13 of the last 17 weeks, favorable attitudes toward the asset increased in September, with inflows reported for the previous three weeks. Inflows into Bitcoin-related items grew by 234 percent week over week.
Institutional appetites for altcoins appear to be holding steady, with products monitoring Solana, Cardano, and Polkadot’s reporting inflows of $3.9 million, $2.6 million, and $2.4 million, respectively. This week, multi-asset funds received $6.4 million in inflows.
While FUD from Chinese officials has historically influenced cryptocurrency markets, it has also functioned as fuel for soaring prices or bull runs in the months following the statements.