CoinShares‘ weekly report showed that corporate executives are buying crypto funds again after four weeks of profit.
Following the longest streak of sales since February 2018, corporate executives became net buyers of digital asset funds last week, showing optimism that the worst sell-off in the market is over.
In its latest report, CoinShares said inflows to digital asset funds dedicated to Bitcoin (BTC), Ethereum (ETH) and other cryptoassets totaled $63 million in the week ended July 2. For the first time in nine weeks, entries were recorded in all individual digital assets with private funds.
Funds devoted to Bitcoin saw $38.9 million in weekly entries, raising a total of $4,186 billion from the start of the year to date. CoinShares revised the previous week’s total to reflect a small increase in net investments.
Ethereum funds recorded $17.7 million in weekly inflows, bringing their year-to-date totals to $960 million, hitting three consecutive weekly exits.
Funds investing in Polkadot and XRP saw inflows of $2.1 million and $1.2 million, respectively.
Multi-asset funds saw positive weekly inflows, while the total was much less than in previous weeks. This was interpreted as a sign that investors are returning to Bitcoin.
Grayscale, the world’s largest digital asset manager, increased its total assets under management to $29 billion 800 million last week. Some analysts are concerned that Grayscale may face a backlash against the crypto markets in the weeks after the GBTC lockdown ends, allowing investors to sell the shares.
Institutional buyers played an important role in the crypto market’s latest bull run, and they also caused volatility on the way down. As Cointelegraph reported in May, Grayscale’s Michael Sonnenshein, Amber Group’s Jeffrey Wang, and Tyr Capital’s Edouard Hindi believe financial advisors can play an important role in expanding institutional adoption going forward.