Bitcoin-related funding products have seen a dramatic surge in institutional inflows, in accordance with CoinShares’ newest digital asset weekly fund flows report issued this week.
Whereas total, there was an inflow of $98 million into crypto funding products per the data available as of September 3, 2021. Coins like Ethereum (ETH), Solana (SOL), Cardano (ADA), Polkadot (DOT), and XRP all drew substantial inflows within the last week, whereas institutional investors poured $59 million into Bitcoin alone.
For the first time in 4 months, Bitcoin reached $52,000 on Monday due to a surge in demand from individual and institutional traders. Demand for BTC on the retail facet has risen steadily since the beginning of August 2021, whereas the institutional facet struggled in the first three weeks of the month.
CoinShares revealed within the report:
“Bitcoin noticed inflows totaling US $59million, marking a potential turnaround in sentiment amongst traders. That is the primary inflow following an 8-week spell of outflows, the longest endured by any digital asset funding product.”