Institutionals buy cryptocurrency on market decline

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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.

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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.

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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.

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