Bitcoin has declined o the $37,000 price range signaling what might be the beginning of another stretched-out bear market. The trend keeps pointing towards further downside as investors become warier of the market. However, this has not been much deterrent for institutional money flowing into the market as it has continued to pick up. This week is no different as these big players once again show support for the cryptocurrency.
Bitcoin Inflows Surpass $100 Million
Following the December crash, sentiment from institutional investors had turned negative, causing them to withdraw from the market. This led to a reversal of the inflows trend that had been the order of the day just a few weeks prior. However, after weeks of outflows, sentiment has now turned in favor of bitcoin as the same investors have regained confidence in the asset.
Related Reading | Crypto Exchange FTX To Introduce Its Gaming Unit
This newfound confidence shines through in the number of inflows recorded for bitcoin for the past week. While the broader market had panicked believing that it was the end of the rally, institutional investors had taken this as an opportunity to fill up their bags. In the past week alone, bitcoin inflows totaled $101 million, reaffirming the belief of big money in the digital asset.
This number is up from the previous week which saw inflows total $89 million. Before last week’s number, this had been a high coming out of the December crash. But with $101 million coming into the asset last week, it sets a new two-month record for inflows.
Even though investors remain wary, bitcoin has recorded five weeks of consistent inflows at this point. Starting slowly, it has since grown and inflows for the past five weeks have now totaled $221 million, which represents 0.7% of total assets under management (AuM).
What About Altcoins?
Altcoins have not fared too bad in the inflows department either. Following bitcoin, others like Solana and Avalanche have continued to see inflows into both digital assets. Digital asset investment products saw total inflows of $109 million last week. This is amidst price declines in the market showing that institutional investors remain positive on the market.
Related Reading | Kevin O’Leary Reveals What Will Drive Bitcoin To $300,000
Avalanche led altcoin inflows with a total of $25 million in the last week alone. The Ethereum competitor is slowly but surely gaining ground among large investors who are growing millions of dollars at the digital asset. Solana did relatively well for the same time period with $1.2 million.
Blockchain equities and multi-asset investment products also saw significant inflows with $26 million and $9.4 million respectively.