$89M Flows Into Bitcoin Funds Despite Looming Conflict, But ETH Funds Are Negative

Amid a market-wide slowdown in major crypto assets over the past week, institutional traders have poured nearly $89 million into Bitcoin ...



Amid a market-wide slowdown in major crypto assets over the past week, institutional traders have poured nearly $89 million into Bitcoin (BTC) funds. However, the money men failed to buy Ethereum (ETH) investment products, which saw outflows totaling $15.2 million.

Although Cointelegraph reported earlier this week that activity on the Bitcoin network was down 30% from his ATH levels from three months ago, digital gold seems to be the asset of choice for sophisticated investors lately.

According to CoinShares from February 22 “Digital Asset Fund Flows Weekly” reportBTC funds have now withdrawn a total of $178.3 million this month after the last inflow of $89 million between Feb. 14 and Feb. 18.

In comparison, the Ether investment product offering has so far seen total outflows of $2.6 million in February and has only generated inflows in February. one of the last 11 weeks.

In the past seven days, the the price of BTC has fallen 14.6% to sit at around $38,000, while Ether has fallen 16.2% to $2,668 at the time of writing. Other top assets such as Cardano (ADA), Solana (SOL) and Ripple (XRP) also suffered double-digit losses.

CoinShares noted that despite “price weakness and the perceived negative impact of the looming conflict in Eastern Europe,” digital asset investment products in general saw inflows totaling $109 last week.

Outside of Bitcoin’s dominance, institutional traders also bought $25 million worth of investment products linked to Ethereum competitor Avalanche, while multi-asset funds and Solana also saw notable inflows of 9,000,000. $4 million and $1.2 million each.

“Following the string of releases in January, the latest data marks the 5th week of entries. While entries were seen in both Europe and the Americas, it was mainly the latter with entries totaling 101 million U.S. dollars.”

Related: Bitcoin Price May ‘Probe Lower’ as Volumes Dip and Macro Issues Loom Over Our Heads

Looking at institutional asset managers and fund providers, CoinShares XBT fund lost $21.6 million, while Purpose and ProShares saw inflows of $63.2 million and $26.6 million. dollars respectively.