Amid a marketwide downturn across major crypto assets over the past week, institutional traders tipped almost $89 million into Bitcoin (BTC) funds. However, the money men failed to back Ethereum (ETH) investment products, which saw outflows totaling $15.2 million.
Despite Cointelegraph reporting earlier this week that activity on the Bitcoin network was down 30% since its ATH levels three months ago, digital gold appears to be the asset of choice for sophisticated investors of late.
According to CoinShares’ Tuesday “Digital Asset Fund Flows Weekly” report, BTC funds have now pulled in a total of $178.3 million this month following the latest $89 million influx between Feb. 14 and Friday.
In comparison, Ether investment products have seen total outflows of $2.6 million in February so far, and have only generated inflows in one of the past 11 weeks.
Over the past seven days, the price of BTC has dipped 14.6% to sit at roughly $38,000, while Ether has dropped 16.2% to $2,668 at the time of writing. Other top assets such as Cardano (ADA), Solana (SOL) and Ripple (XRP) have also suffered double-digit losses.
CoinShares noted that despite “price weakness and perceived negative impact from the looming conflict in Eastern Europe,” digital asset investment products in general saw inflows totaling $109 last week.
Outside of Bitcoin’s dominance, institutional traders also snapped up $25 million worth of investment products tied to Ethereum competitor Avalanche, while multi-asset and Solana funds also saw notable inflows of $9.4 million and $1.2 million each.
“Following the run of outflows in January, the latest data marks the 5th week of inflows. While inflows were seen in both Europe and the Americas, it was predominantly the latter with inflows totaling US$101M.”
In terms of the institutional asset managers and fund providers, CoinShares XBT fund shed $21.6 million, while Purpose and ProShares saw inflows of $63.2 million and $26.6 million, respectively.