Institutional investors have been actively buying cryptoassets amid declining markets due to new bans in China – investments soared 126% last week to $ 95 million.
According to a weekly report from CoinShares, the inflow of institutional money into the cryptocurrency industry has been growing for the sixth straight week. From September 20 to September 24, institutional investors invested $ 95 million in crypto-related products – 126% more than a week earlier. $ 50.2 million and $ 28.9 million were invested in products on BTC and ETH, respectively.
While BTC investment products have seen an outflow of money for 13 of the last 17 weeks, positive sentiment for the asset re-emerged in September, with investors re-investing in Bitcoin-related instruments in the last three weeks. Last week, investment in BTC products rose 234% from a week earlier.
Institutions continue to show interest in altcoin products: $ 3.9 million, $ 2.6 million and $ 2.4 million were invested in instruments on SOL, ADA and DOT last week, respectively. $ 6.4 million was invested in multicurrency funds.
The rise in institutional investment is likely related to the decline in cryptocurrency markets triggered by China’s new bans. Last week, the People’s Bank of China collapsed bitcoin by 10% with an extension of the ban on cryptocurrency circulation.