Institutional investors increase their holdings of cryptocurrency for the fifth consecutive week

The cryptocurrency assets held by institutional managers have risen for the fifth consecutive week, indicating that market participants are once again optimistic about Bitcoin (Bitcoin) And leading altcoins.

According to data from the digital asset management company CoinShares, as of the week of September 19, the total investment in crypto products was 42 million U.S. dollars, of which the Bitcoin fund inflows 15 million U.S. dollars. This is only the third positive inflow of BTC investment products in 16 weeks.

All major assets recorded weekly growth, and investors purchased 6.6 million US dollars worth of ether (Ethereum) Products and multi-asset funds worth US$3.7 million.Investors also allocated US$4.8 million to Solana (SOL), regardless of Denial of service interruption earlier this week Due to network congestion.

In terms of actual products, 21Shares has the largest weekly inflow of 28 million U.S. dollars. This physically-backed provider of crypto exchange trading products now manages $1.87 billion in assets. Grayscale remains the largest single crypto asset management company with total assets of US$43.177 billion.

With the widespread market recovery that began in late July, fund managers have been buying cryptocurrencies simultaneously. The crypto market reached a peak of more than $2.2 trillion last week after plummeting to about half of that amount early in mid-July.However, by Monday, all major crypto assets had suffered heavy losses because News from China Evergrande hits risk sentiment.

related: Bitcoin’s rebound level expands to 36,000 USD, bulls are indifferent to the 8% drop in BTC price

Institutional investors have become important participants in the cryptocurrency market, which proves that the mainstream acceptance of digital assets is increasing.Some Crypto’s largest asset manager told Cointelegraph Earlier this year, the professional risk of investing in digital assets is no longer as high as before, which means that more financial advisors and wealth management companies may enter this market.This was confirmed by a recent poll by London-based cryptocurrency fund Nickel Digital Asset Management, which found Most hedge fund executives have already bought cryptocurrencies.