CoinShares, a digital assets manager, has released its latest Digital Asset Fund Flows Weekly Report, which suggests that institutional investors are becoming more optimistic towards altcoins, despite outflows in Bitcoin (BTC) and the overall market for the second consecutive week. The report shows that halfway through 2023, digital assets have seen almost half a billion in inflows. However, digital asset investment products saw minor outflows totaling $21m last week, with trading volumes for digital asset investment products being low at $915m for the week compared to the weekly average of $1.5bn this year.
CoinShares also found that over 90% of outflows came from Bitcoin, while short-BTC products had their 14th week of flows in a row. This suggests that investors have been taking profits in recent weeks, with the sentiment for the asset overall remaining supportive.
Altcoins Ethereum (ETH) and Avalanche (AVAX) saw minor outflows totaling less than $2.5 million combined. However, other altcoins such as Cardano (ADA), Solana (SOL), and XRP products enjoyed inflows of $0.64 million, $0.6 million, and $0.5 million, respectively. CoinShares suggests that despite the recent outflows, investors are optimistic about the potential of altcoins and their ability to grow and attract more capital.
Source: THE DAILY HODL
