Institutional Investors Flock to Safety of Bitcoin As Altcoins See Almost No Capital Flows: CoinShares

A leading digital assets manager says that institutional investors are converging toward the safety of Bitcoin (BTC) as altcoins see very little capital flows.

In the newest Digital Asset Fund Flows Weekly report, CoinShares finds that the top crypto asset by market cap saw total inflows of $126 million last week, bringing its total inflows to $506 million on the year.

CoinShares says Bitcoin’s dominance of last week’s institutional attention stems from investors looking for a safe haven in the flagship crypto asset.

“Altcoins saw virtually no inflows last week, highlighting investors are flocking to the relative safety of Bitcoin.”

The crypto asset manager also says that Ethereum (ETH) is no exception to the trend, with ETH seeing its ninth straight week of outflows, signaling negative sentiment on the top smart contract platform by market cap.

“Ethereum continues to suffer, with another week of outflows totaling $32 million. Ethereum has endured nine straight weeks of outflows implying negative investor sentiment. However, since the outflows began in December 2021, they only represent about 7% of the assets under management.”

Source: CoinShares

According to the data, the only altcoins that saw positive inflows last week were Solana (SOL) and XRP, coming in at about $100,000 and $200,000 respectively.

Despite the caution in the altcoin market, institutional capital flows were overall significantly higher than the previous two weeks, according to CoinShares’ data.

Source: CoinShares

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