Amid a general market decline in major cryptocurrencies over the past week, institutional traders have invested nearly $ 89 million in bitcoin (BTC). However, investors failed to buy Ethereum (ETH) investment products, which lost $ 15.2 million.
While Cointelegraph reported earlier this week that activity on the Bitcoin network was down 30% from ATH levels three months ago, digital gold seems to be the preferred resource for smart investors lately.
According to CoinShares’ “Digital Asset Fund Flows Weekly” report of February 22, BTC funds have drawn a total of $ 178.3 million this month, following the latest inflow of $ 89 million between February 14 and 18.
In comparison, ETH’s investment product offering in February had a total inflow of $ 2.6 million, with inflows received in just one of the last eleven weeks.
Over the last seven days, BTC has fallen 14.6% to almost $ 38,000, while Ethereum has fallen 16.2% to $ 2,668 at the time of writing. Other major assets such as Cardano (ADA), Solana (SOL) and Ripple (XRP) also suffered double-digit losses.
CoinShares notes that despite “weak pricing and a notable negative impact on the looming conflict in Eastern Europe,” digital asset investments totaled $ 109 last week.
In addition to the dominance of Bitcoin, institutional traders also received $ 25 million in investment products related to Ethereum rival Avalanche, while multi-assets and Solana funds also received notable inflows of $ 9.4 million and $ 1.2 million. each.
“The latest data point to the fifth week of inflow after the outflow in January. Although there were outflows in both Europe and America, it was largely the latter with a total inflow of $ 101 million. ”
Related: Bitcoin can “crush” when volumes fall and macroeconomic problems threaten
In terms of institutional asset managers and fund providers, CoinShares XBT Fund lost $ 21.6 million, while Purpose and ProShares lost $ 63.2 million and $ 26.6 million, respectively.