Cryptocurrency mutual funds reported a significant increase in inflows last week, indicating that institutional investors still have access to digital assets despite high market volatility.
Digital asset investment products posted a combined inflow of $36 million in the week ending Sunday, according to data from CoinShares. Regionally, new investment has been largely one-sided, with the US receiving a $95 million outflow and European investment products registering a $59 million outflow.
Bitcoin (BTC) product add-ons increased by $17 million, marking the fifth consecutive week with add-ons totaling $239 million during the period. Ethereum Products (ETH) had a small inflow of $4.2 million. Investors have reduced their holdings of most altcoin products, with Solana (SOL) and Litecoin (LTC) funds reporting $2.6 million and $500,000 outflows, respectively.
The influx of Bitcoin products in 2022 has been positive, indicating that institutional investors are lagging behind after a period of high volatility. They continued buying BTC money last week even as tensions escalated in Eastern Europe as Russia launched hostilities in neighboring Ukraine. According to CoinShares, the volume of cryptocurrency exchanges traded in Russian rubles has increased by 121% over the past week.
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Cryptocurrency markets appeared to be unaffected by geopolitical tensions on Monday, even as stocks succumbed to new selling pressure. According to Cointelegraph Markets Pro and TradingView, the price of bitcoin reaches $41,476 per day. At the same time, shares fell more than 1 percent.
The price of bitcoin is trying to overcome the big downtrend that started in November. Source: Cointelegraph Markets Pro.
Cointelegraph Markets Pro data also showed a significant increase in trading volume, with BTC turnover 27% above average.