Crypto assets held by institutional leaders are rising for the fifth straight week, which is a sign that market participants have dropped in value again for bitcoin (BTC) and leading altcoins.
According to digital real estate manager CoinShares, the inflow of investments in cryptocurrencies was $ 42 million in the week ending September 19, while the flow of bitcoins was $ 15 million. This is only the third time in 16 weeks that BTC investment products have received positive inflows.
All major assets rallied weekly as investors bought $ 6.6 million in Ether (ETH) products and $ 3.7 million in multi-asset funds. Investors also pledged $ 4.8 million for Solana (SOL), despite a blackout earlier this week due to a network outage.
In terms of real products, 21Shares recorded the largest weekly inflow of $ 28 million. The financially backed provider of exchange-traded products has $ 1.87 billion in assets under management. Grayscale continues to be the largest crypto-manager with combined assets of $ 43.177 billion.
Fund managers are buying cryptocurrency at a steady pace due to the general market recovery that began at the end of July. Cryptocurrency markets peaked last week and surpassed $ 2.2 trillion after falling to about half of what they had previously in mid-July. However, all major cryptocurrencies were hit hard on Monday as news of Evergrande in China dampened risk sentiment.
Related: Bitcoin rebound levels rise to $ 36,000, with 8% of bulls unaffected by Bitcoin’s fall.
Institutional investors have become key players in the cryptocurrency market, reflecting the growing proliferation of digital assets. Some of the largest crypto asset managers told Cointelegraph earlier this year that investing in digital assets no longer carries the same professional risk as before, which means more financial advisors and asset managers are likely to enter the market. This was confirmed by a recent survey conducted by London-based cryptocurrency fund Nickel Digital Asset Management, which found that most hedge fund managers have already bought cryptocurrency.