In Brief:
- Last week, digital asset investment products generated $95 million worth of inflows.
- The surge in dip buying generated the sixth consecutive week of inflow for institutional crypto investment products.
- Bitcoin and Ethereum led the pack with $50.2 million and $28.9 million worth of inflows.
After China imposed a ban on overseas institutions to provide crypto-related services on the mainland, the crypto market turned red. Institutional investors took the advantage of the Dip and generated large inflows of digital assets. Last week, digital asset investment products generated $95 million worth of inflows.
The report shared on the website of Coinshares shows a surge in dip-buying, which leads to the Sixth Consecutive week of inflows for institutional investment in products. The total inflow over the past six weeks reached $320 million.
In a week, ending 24 September, $95 million worth of inflows have been seen, which marks a 126% weekly inflows increase. Bitcoin (BTC) and Ether (ETH) have generated $50.2 million and $28.9 million worth of inflows, respectively.
The BTC investment products have noted the outflows in 13 of the past 17 weeks. Which is the record surge in the past three weeks. Inflow to Bitcoin products also increased by 234% week-over-week.
The appetite for altcoins looks strong, where the products tracking Solana (SOL), Cardano (ADA), and Polkadot’s DOT have generated $3.9 million, $2.6 million, and $2.4 million inflow respectively. Moreover, the multi assets fund had also marked inflows of $6.4 million.
In terms of crypto fund providers, the world’s biggest digital asset manager, Grayscale remained steady with a total AUM of $38.11 billion. CoinShares and 3iQ secured 2nd & 3rd place with AUM of $4.13 billion and $1.96 billion respectively.
On Friday, The People Bank of China (PBoC) announced the ban on all crypto transactions including buying, selling, and trading. This ban has triggered an 8% dip in the price of Bitcoin and also reported major drops across the crypto market.
The PBoC published the document, in which they have mentioned the ban on the overseas crypto institutions and payment firms by considering them harmful to China’s economy.
